KUALA LUMPUR: Alam Maritim Resources Bhd
said demand for offshore support and subsea services is expected to remain supported through 2028 amid ongoing field development and maintenance activities in the oil and gas sector.
In the third quarter ended March 31, 2026 (3Q26), the group’s net profit fell more than two-fold to RM5.1mil, or earnings per share of 1.14 sen, from RM20.7mil a year earlier.
Quarterly revenue rose 48.3% to RM73.1 mil from RM49.3 mil previously, primarily driven by higher offshore operational days recorded by the subsea segment.
For the nine months ended March 31, 2026, net profit more than doubled to RM100.2 mil, while revenue fell 27.8% to RM281.7 mil.
“The prospects of the Alam Maritim remain closely tied to the operational expenditure by major oil and gas companies, particularly PETRONAS, with a specific focus on production maintenance activities,” it said in the notes accompanying its financial results.
According to the PETRONAS Activity Outlook 2026–2028, demand for underwater services is expected to remain sustained, with annual requirements of between 1,000 and 1,286 Diving Support Vessel (DSV) days through 2028.
The outlook also pointed to growing decommissioning activities, with 35 facilities scheduled for decommissioning in 2026 and 42 facilities between 2027 and 2030.
In addition, between 63 and 75 pipelines annually are expected to require In-Line Inspection (ILI) support.
“This trend represents steady to growing demand for underwater services, with 2028 projected to show the highest utilisation levels.
“The outlook is expected to sustain demand for offshore support and subsea services, particularly in inspection, repair and maintenance (IRM), which remains the group's core service offering under the subsea segment,” Alam Maritim said.
Despite the cautious industry outlook, the board said it remains committed to executing prudent operational strategies while prioritising long-term shareholder value.
