Malaysia-based Alam Maritim Resources Berhad has been awarded a contract for the provision of subsea inspection, maintenance and repair (IMR) services.
The company secured a contract through its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, from an undisclosed oil and gas exploration and production company.
The contract will last for two years with an extension option of one year.
According to the company, the value of the contract is approximately USD 22.4 million (RM 99.0 million).
The contract is expected to contribute positively to the earnings and net tangible assets of Alam Maritim for the financial year ending December 31, 2017.