PETALING JAYA: Alam Maritim Resources Bhd
is seeking to expand its subsea operations with the proposed acquisition of a new offshore support vessel (OSV) for US$20.1mil (RM80.8mil), as it looks to capitalise on growing business opportunities following its recent exit from Practice Note 17 (PN17) status.
The group said the proposed acquisition would strengthen its fleet capacity and subsea capabilities, enabling it to undertake more projects and serve a broader customer base.
“The proposed OSV acquisition will enable the group to own and operate an additional OSV unit, thereby expanding and enhancing its capacity as well as capabilities to provide subsea services within the oil and gas sector,” Alam Maritim said in a bourse announcement yesterday.
The proposed vessel, which is expected to be completed and delivered by October 2028, will bring Alam Maritim’s fleet to five OSVs upon completion, of which four will be operated under bareboat or time charter arrangements.
Alam Maritim said the acquisition was in line with its strategy of strengthening its subsea segment, which has emerged as the key contributor to the group’s financial performance.
The group expects the additional vessel to allow it to bid for and undertake more subsea contracts, supporting further growth in its order book.
The acquisition also comes as Alam Maritim rebuilds its business after being uplifted from PN17 status on June 8, 2026.
The company said the removal from PN17 had increased confidence among its customers, vendors, financiers and other stakeholders, creating a more favourable environment for it to rebuild its business pipeline.
Alam Maritim said owning an additional vessel would also reduce its reliance on third-party charter arrangements, which could face availability constraints and higher rates when demand for vessels strengthens. The company opted for a newly built vessel rather than a second-hand unit, citing limited availability of suitable used vessels and the need to meet clients’ technical requirements.
The new vessel will be designed specifically for Alam Maritim’s subsea operations and will comply with current classification, safety and environmental standards.
Alam Maritim also noted that prospective clients typically impose age requirements on vessels when evaluating tenders, making newer vessels more competitive for longer-term contracts.
The US$20.1mil purchase consideration will be funded equally through internally generated funds and bank borrowings. It expects to use RM40.4mil of internal funds and RM40.4mil in bank financing, while a further RM4.26mil in sailing and maintenance expenses will be funded internally.
