The Board of Directors of Alam Maritim Resources Berhad (“AMRB” or the “Company”) announces that Alam Maritim (M) Sdn Bhd (“AMSB”), a wholly-owned subsidiary of the Company, had recently received a Letter of Award for the provision of underwater services for a local oil and gas company (“the Contract”).
The estimated value of the Contract is RM39 million (inclusive of optional period), if exercise by the client. The Contract is for a firm period of 30 days with option for extension of up to a maximum of 21 days.
The execution of the Contract 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 Contract are mainly operational risks including interruptions 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 Contract.
Press Release, September 18, 2013