Alam Maritim rises after winning job from Hess

PETALING JAYA: ALAM MARITIM RESOURCES BHD rose 6.25%, or 0.5 sen, to 85 sen in early trading after its unit secured a five-year contract for the provision of pan-Malaysia underwater services for petroleum arrangement contractors from Hess Exploration and Production Malaysia BV.

The counter closed the day at 85 sen on a volume of 1,630,200 shares.

In a filing with Bursa Malaysia, the oil and gas services company said its wholly owned subsidiary Alam Maritim (M) Sdn Bhd had recently been awarded the contract that would be effective from Aug 30, 2018, and would expire five years thereafter.

“The contract is on a regular or ‘call-out’ basis, whereby work orders would be issued by the client based on the schedule of rates as set forth in the contract,” Alam Maritim said.

“The total value of the contract would be contingent upon the actual work orders and the scope of work performed.”

Alam Maritim said the contract is expected to contribute positively to the group’s earnings and net tangible assets for the financial years ending Dec 31, 2018, to 2023.

It added that the contract would not have any material effect on the group’s share capital and shareholding structure.

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