Malaysia-listed offshore services provider Alam Maritim Resources has clinched a MYR22 million (USD5.9 million) contract from oil and gas company Chevron Malaysia.
The contract was signed by its joint controlled entity Alam Swiber Offshore for installation works involved in the replacement of subsea pipeline at Chevron’s Prai Terminal.
The project is scheduled for completion on 31 December 2015, Alam Maritim stated in its filing to Bursa Malaysia.
The proceeds from the contract are expected to contribute positively to Alam Maritim’s earnings and net tangible assets for the financial year ending on 31 December 2015.
Meanwhile, the contract is not expected to have any material effects on the company’s share capital and shareholding structure.
In June Alam Maritim won a subcontract worth MYR49 million from oil and gas company Petronas Floating LNG 1. The subcontract was signed by its wholly owned subsidiary Alam Maritim Malaysia with work expected to last until 15 September 2015.
Under the subcontract, Alam Maritim will provide engineering, procurement, installation, and related activities for the FLNG offshore works and mooring system installation.