Alam Maritim Resources Berhad’s joint controlled entity, Alam Swiber Offshore has recently won a contract with Chevron Malaysia for pipeline project at Chevron’s Prai Terminal.
Alam Swiber was formed in 2009 to provide transportation, installation and commissioning of offshore pipelines, structure and subsea equipment services. Alam Swiber owns and operates the 1MAS-300, pipely accommodation workbarge.
According to the company’s Bursa Malaysia filing, the contract is for the installation works for replacement of subsea pipeline at Prai Terminal, with a value of around RM22.0 million or approximately $6 million.
The company said it expects to kick off the project in early June 2015 and anticipates to complete the work by the end of this year.
Furthermore, Alam said that the contract is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending December 31, 2015.