News

Alam Maritim secures US$59 mln contract from Vestigo Petroleum

KUALA LUMPUR, April 1 (Bernama) -- Alam Maritim Resources Bhd has secured a U$59 million (US$1=RM4.08) offshore pipeline contract from Vestigo Petroleum Sdn Bhd.

It said the contract was for an engineering, procurement, construction and installation of a pipeline system for the offshore Tembikai Non-Associated Gas development.

“The contract is from March 5, 2019 until the targeted completion date in the fourth quarter of the year,” it said in a statement today.

Alam Maritim said the duration of the contract was from March 5 until the completion of the work, which is targeted for completion in the fourth quarter this year.

“The contract is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending Dec 31, 2019,” it added.

-- BERNAMA

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