KUALA LUMPUR (May 18): Alam Maritim Resources Bhd (KL:ALAM) is seeking an early exit from Practice Note 17 (PN17) category for financially distressed companies after completing a debt restructuring and capital reorganisation aimed at restoring its financial footing.

The offshore services provider said in a Bursa Malaysia filing on Monday that it had submitted an application to Bursa Securities for the upliftment of its PN17 classification, which it has been under since 2022.

The application follows the completion of a RM440 million share capital reduction in October last year as part of its regularisation plan. The exercise also included a 10-for-one share consolidation, a renounceable rights issue with warrants, and a scheme of arrangement with creditors.

For the cumulative nine-month period ended March 31, 2026 (9MFY2026), Alam Maritim posted a net profit of RM100.2 million, more than doubling from RM43.9 million a year earlier. The improvement was largely driven by debt waivers recognised under the group’s restructuring exercise, particularly within its offshore support vessel (OSV) segment.

Revenue for the period, however, fell 27.9% to RM281.8 million from RM390.6 million, weighed by weaker contributions from its subsea services and OSV businesses.

Alam Maritim was classified as a PN17 issuer in 2022 after its external auditor Baker Tilly Monteiro Heng PLT issued a disclaimer of opinion on the group’s audited financial statements for the 18-month period ended June 30, 2022.

Shares of Alam Maritim fell 0.5 sen or 1.6% to close at 30 sen on Monday, giving the company a market value of RM131.5 million.