PETALING JAYA: Alam Maritim Resources Bhd
has received a letter of award from Vestigo Petroleum Sdn Bhd for the provision of free-span rectification works of a 12-inch full well stream TNAG pipeline (60km), worth RM29mil.
In a filing with Bursa Malaysia, the marine transportation support services provider said the contract is expected to commence upon receipt of the award and will be completed within six months from the commencement date.
“The contract is expected to contribute positively to the earnings and net tangible assets of Alam Group for the financial year ending June 30, 2026.
“The contracts will not have any effect on the share capital and shareholding structure of Alam.”
The company said the risks associated with the contract are normal operational risks which can be mitigated through the group's system of project management and internal business controls.
“The board of directors of Alam is of the opinion that the acceptance and execution of the contract is in the best interest of the company.”
