Thursday 01 Jun 2023
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KUALA LUMPUR (Jan 4): Practice Note 17 (PN17) company Alam Maritim Resources Bhd has formed a consortium with maritime service provider SAFEEN Survey and Subsea Services and underwater technology solutions company MCS Group to deliver subsea construction services, and inspection, repair and maintenance (IRM) capabilities across Malaysia and Southeast Asia. 

In a statement on Wednesday (Jan 4), the integrated marine oil and gas (O&G) services company said it has entered into a memorandum of understanding (MOU) with SAFEEN and MCS to synergize their respective experience, marine assets, capabilities and proprietary technology into the Malaysian upstream O&G and subsea sector.

Alam Maritim said the parties will identify a target project and execute a subsequent agreement, whereby parties have agreed to cooperate on an exclusive relationship.

“The MOU allows the parties to discuss and cooperate exclusively and sets out the understanding and intention in respect of the proposed collaboration. 

“The proposed collaboration is part of the company’s strategic plan to support the going concern of the company,” Alam Maritim added.

SAFEEN is a joint-venture company between Saudi Arabia-based companies National Marine Dredging Company and Abu Dhabi Ports Group. According to Alam Maritim, SAFEEN is the largest maritime services provider in the Gulf Cooperation Council (GCC) region.

Alam Maritim told The Edge on Wednesday that it is eyeing up to RM400 million worth of contracts  in 2023 for subsea construction and IRM services in Malaysia.

“Alam Maritim is one of the few remaining domestic contractors with an established track record in the subsea segment, combined with transportation & installation (T&I) and IRM activities. 

“The nature of this work includes jacket and topside installation, pipeline installation and tie-in, as well as shallow and deep water installation of flexibles, umbilicals and production system equipment, and inspection, repair and maintenance of such facilities,” it said.

Shares in Alam Maritim ended unchanged at 2.5 sen on Wednesday, giving the company a market capitalisation of RM31.91 million.

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