Alam Maritim shares rise 6.25% on new contract win

KUALA LUMPUR: Alam Maritim Resources Bhd shares were trading 6.25% higher in early trade Wednesday after securing a contract from ExxonMobil Exploration and Production Malaysia Inc.

The counter rose 6.25%, or 0.5 sen to 85 sen with thin volume of 743,400 shares done.

Alam Maritim said its subsidiary has been awarded a conditional contract to provide pan-Malaysia underwater services for petroleum arrangement contractors.

Alam Maritim said the five-year contract was awarded to wholly-owned Alam Maritim (M) Sdn Bhd by ExxonMobil.

It said the contract was on a call-out basis, whereby work orders will be issued by clients based on schedule of rates provided.

This came on the heels of the unit securing a similar five-year pan-Malaysia underwater services job from Petronas Carigali Sdn Bhd and Enquest Petroleum Production Malaysia Ltd, on Nov 30.


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