Quick take: Alam Maritim shares up 4%, bags RM40mil contract

  • Business
  • Tuesday, 12 Mar 2019

KUALA LUMPUR: ALAM MARITIM RESOURCES BHD is up 4% in early trade Tuesday in response to the award of a RM40mil contract to provide underwater inspection services.

The counter gained 4.55%, or 0.5 sen to 11.5 sen with 3.85 million shares traded. In the past one year, the counter has fallen some 21%.

Alam Maritim has secured a four-year contract to provide underwater inspection services for Carigali Hess Operating Co Sdn Bhd facilities.

The four-year contract is effective from Sept 5, 2018 till Sept 4, 2022 with an option to extend up to one year.

Alam Maritim said the total value of the contract base scope of work and the unscheduled work will be contingent upon the unscheduled work performed by the group, adding that the initial total value of the contract is expected to be RM40mil.

Alam Maritim said its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd has recently been awarded with a contract by Carigali Hess for the proposed job.

The contract is expected to contribute positively to Alam Maritim’s earnings and net tangible assets for the financial year ending Dec 31, 2019 till 2022.

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