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Alam Maritim venturing into offshore underwater services


KUALA LUMPUR: Alam Maritim Resources Bhd plans to venture into and provide offshore underwater and subsea services which include a complete work programme of underwater, structural and topside inspection, repair and maintenance, particularly in the international markets.

In a filing with Bursa Malaysia, Alam Maritim said its wholly-owned subsidiary, Alam Hidro (M) Sdn Bhd (AHSB) and AME Subsea Sdn Bhd (AME) have entered into a shareholders' agreement (SA).

“In line with the agreement, AHSB and AME have incorporated a joint venture company known as Subsea Worldwide Solutions Sdn Bhd (SWS),” it said in a filing to Bursa Malaysia.

The completion of the SA was not expected to have any material effects on the share capital and shareholding structure of the company.

SWS is expected to contribute positively to the earnings and net tangible assets of the company for the year ending Dec 31, 2018 and beyond. — Bernama

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