Quick take: Alam Maritim shares up after clinching Petronas Carigali contract

KUALA LUMPUR: Alam Maritim Resources Bhd’s shares rose over 6% in early trade Friday after the company secured RM24.8mil anchor handling tug supply (AHTS) contract from Petronas Carigali Sdn Bhd.

The offshore vessels provider rose 6.67%, or 0.5 sen to eight sen with 63 million shares done. Alam-WA declined 16.67%, or 0.5 sen to 2.5 sen with 26.9 million shares traded.

Alam Maritim said its wholly-owned Alam Maritim (M) Sdn Bhd was awarded the contract, which will be for up to 460 days from Feb 11 this year.

It said the contract is expected to contribute positively to the earnings and net tangible assets of Alam Maritim and its group of companies for the financial year ending Dec 31, 2020 and thereafter within the duration of the contract.

The risk factors associated with the contract include execution and operational risks such as availability of vessels, skilled manpower, equipment and materials in compliance with the terms of the contract, unexpected mechanical breakdown, changes in political, economic and regulatory conditions.

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