The Board of Directors of Alam Maritim Resources Berhad (“AMRB” or the “Company”) announced that Alam Maritim (M) Sdn Bhd (“AMSB”), a wholly-owned subsidiary of the Company, had recently received two Letters of Award for the provisions of underwater services for a local oil and gas company (“the Contracts”).
The total value of the Contracts is estimated at RM24.9 million. The Contracts are for a maximum period of 21 days (Contract 1) and 150 days (Contract 2) and not renewable.
The execution of the Contracts is not expected to have any material effects on the share capital and shareholding structure of the Company but is expected to contribute positively to the earnings and net tangible assets of the AMRB Group for the year ending 31 December 2013.
The risks associated with the Contracts are mainly operational risks and delays due to human, mechanical and logistic factors. In mitigating such risk, the Company will closely monitor work schedules whilst ensuring compliance to safety, operational procedures and timeliness in the completion and delivery of the Contracts.
[mappress] Press Release, March 06 , 2013