PETALING JAYA: Alam Maritim Resources Bhd
has completed the sale of its vessel to an India-based firm for US$1.8mil (RM7.5mil).
The disposal of the Setia Tujuh vessel, which could deliver a gain on disposal of about RM2.5mil, was part of Alam Maritim’s plan to scale down its offshore support vessel segment in order to focus on the subsea segment.
In a stock exchange filing, Alam Maritim said its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, had on Aug 30 sold the vessel to Mumbai-based Shivansh Offshore and Marine Services Pvt Ltd.
Setia Tujuh was acquired in 2008 with an original cost of RM23.1mil, while its net book value as at the date of disposal was RM5.1mil.
The vessel was last valued at RM3mil by Armal Marine and Offshore Sdn Bhd, an independent vessel valuer, in July 2025.
“The proceeds arising from the disposal will be utilised to meet the operating expenditure requirements of Alam Maritim and its subsidiaries.”
