KUALA LUMPUR: Shares of Alam Maritim Resources Bhd on Bursa Malaysia were up this morning, hours after an announcement that its subsidiary Alam Maritim (M) Sdn Bhd had secured another contract to provide pan-Malaysia underwater services for petroleum arrangement contractors (PAC).
As at 9.43 am, the ship repair and maintenance services provider gained half-a-sen to nine sen with 52,000 shares changing hands.
In a filing to Bursa Malaysia yesterday, Alam Maritim said the contract was awarded by Hess Exploration and Production Malaysia BV, for duration of five years effective Aug 30, 2018 and expire five years thereafter.
It said the contract is on a regular or “call-out” basis, whereby, work orders will be issued by the client based on the schedule of rates as set forth in the contract.
Alam Maritim expects the contract to contribute positively to its earnings and net tangible assets for the financial year ending Dec 31, 2018 to 2023.