Alam Maritim Resources Berhad (“AMRB” or “the Company”) announces that its wholly owned subsidiary, Alam Maritim (M) Sdn Bhd, has accepted the award from PETRONAS Carigali Sdn Bhd, Peninsular Malaysia Operations (“the Client”) for the provision of two units offshore support vessels (OSVs) to support the Client’s Drilling Campaign.
The Contract is for a primary period of seven months with an extension option exercisable by the Client for another three months. The Contract is for a value of up to RM30.15 million (if the Client engages the OSVs for the full duration, inclusive of the optional period).
The risks associated with the Contract are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, the Company has developed a programmed/planned preventive maintenance schedule which stringently adheres to the International Safety Management (ISM) Standards in maintaining performance and seaworthiness of all its vessels.
The Contract is expected to positively contribute to the earnings and net assets of AMRB for the financial year ending 31 December 2013. Notwithstanding this, the Contract is not expected to have any effect on the issued and paid-up share capital and shareholding structure of the Company.
[mappress] Press Release, February 13, 2013