Alam Maritim Resources Bhd announced that its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, has been awarded with letter of award from Repsol Oil & Gas Malaysia Ltd for the provision of subsea inspection, maintenance and repair services for PM3-CAA.
In a statement to Bursa Malaysia on Tuesday, Alam Maritim said the contract value is as per the work order request by Repsol Oil & Gas Malaysia for a duration of five years.
The contract has been effective since June 30, 2020 with its first vessel mobilisation for this year targeted for the middle of August.
The Contract is expected to contribute positively to the earnings and net tangible assets of ALAM and its group of companies for the financial year ending 31 December 2020 and thereafter within the duration of the Contract. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.
Previously, Alam Maritim also won a RM9.93 million work order for underwater services from IPC Malaysia BV. Read here
