Alam Maritim secures RM69.22m charter contract

Alam Maritim Resources Bhd has secured a RM69.22mil contract to provide a workboat to a local oil and gas company.

It said on Thursday its unit Alam Maritim (M) Sdn Bhd had recently accepted the contract which was for a primary period of one year with an extension option for another year.

"The contract is for a value of up to RM69.22mil (if the client engages the workboat for the full duration, inclusive of the optional period)," it said.

Alam Maritim said the risks associated with the contract were mainly operational risks such as accidents and unexpected breakdown of vessels.

To mitigate the risks, it had developed a programme maintenance schedule according to the International Safety Management standards to maintain the performance and seaworthiness of all its vessels.