Charter extensions for Alam Maritim

Malaysian supplier of offshore vessels Alam Maritim has received contract extension for five of its vessels.

In a filing to Bursa Malaysia, Alam Maritim said that “an established oil major” has decided to extend the contract for four utility tugs and one straight supply vessel.

The total value of the contracts is around RM 71 million ($22.2 million).

Under the agreement, the charter for the straight supply vessel will run for one year, starting in August 2014.

As for the utility tugs, they will stay with the client for three more years each, starting September 2014.