Quick take: Alam Maritim shares rise on Repsol contract news


KUALA LUMPUR: Shares of Alam Maritim Resources Bhd rose over 5% in early trade Wednesday after securing a contract from Repsol Oil & Gas Malaysia Ltd.

The offshore support vessel service provider rose 5.88%, or 0.5 sen to nine sen with 21.6 million shares done.

Its unit Alam Maritim (M) Sdn Bhd, has received a letter of award from Repsol to provide subsea inspection, maintenance and repair services for PM3-CAA.

It said the contract value is as per the work order request by Repsol Oil & Gas Malaysia for five years. The contract started on June 30,2020.

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

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