Malaysia-listed offshore services provider Alam Maritim Resources has been awarded a subcontract works worth MYR49 million (USD13.1 million) by Petronas Floating LNG 1 (PFLL).
The subcontract is for the engineering, procurement, installation, and related activities for the floating liquefied natural gas (FLNG) offshore works and mooring system installation.
The contract was signed by its wholly owned subsidiary Alam Maritim Malaysia with work duration until 15 September 2015, according to the company’s filing to Bursa Malaysia.
Moreover, Alam Maritim Resources stated in the filing that the contract is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending 31 December 2015 and beyond. Notwithstanding this, the contract is not expected to have any material effects on the share capital and shareholding structure of Alam Maritim Resources.
Previously, the company has secured a contract from oil company Petronas Carigali for the provision of spot charter marine vessels in March 2015. Under the contract, Alam Maritim Resources will supply three anchor handling tugs of 60 tonnes, 120 tonnes, and 150 tonnes to Petronas Carigali.
In addition, it will also provide a straight supply vessel, fast crew boat, workboat, work barge, general-purpose utility vessel, and a platform supply vessel, as well as the management of the crew and associated equipment of the vessels for operation of the marine vessels.
The total value of the contract depends on the actual number of days the vessels are on hire based on instructions from Petronas Carigali from time to time during the contract period of two years effective until 8 January 2017. The contract has also included an extension option of one year exercisable by Petronas Carigali, from 29 January 2017 to 28 January 2018.