Petronas Carigali Hires Six Vessels from Alam Maritim (Malaysia)

The Board of Directors of Alam Maritim Resources Berhad announced that its wholly-owned subsidiary, Alam Maritim Sdn Bhd, has received a letter of award from Petronas Carigali Sdn Bhd for the provision of six units marine vessels for a total sum of approximately RM576 million (estimated inclusive of extension option, if exercised).

The Contract which has taken affect from 1 January 2013 to 31 December 2017 is for a firm period of five (5) years.

The risks associated with the Contract are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, the Company has developed a programmed maintenance schedule which stringently adheres to the International Safety Management (ISM) Standards in maintaining performance and seaworthiness of all vessels.

The Contract valued at approximately RM576 million is expected to positively contribute to the earnings and net assets of AMRB for the financial year ending 31 December 2013 and beyond. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the Contract.

The Board of Directors of AMRB is of the opinion that the acceptance of the Contract is in the best interest of the Company.

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Alam Maritim, January 17, 2013