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Alam Maritim eyes ROV contract from Petronas

Posted on 29.02.2008 - 10:00 UTC in GENERAL NEWS by Rons_ROV_Links

Alam Maritim eyes ROV contract from PetronasAlam Maritim Resources Bhd is bidding for an underwater and maintenance contract, worth RM600mil to RM800mil, from Petronas Carigali Sdn Bhd and is also looking for potential Middle Eastern investors.

Managing director Azmi Ahmad said the award of the contract would likely be announced in the second quarter this year.

"The contract is for remotely operating vehicle, set diving system and other underwater works," he told StarBiz.

Alam Maritim is currently believed to be bidding for contracts valued at over RM1.3bil, both locally and overseas.

Azmi said Alam Maritim was interested in having Middle Eastern investors acquire a stake in the company.

"But the idea is still at the preliminary stage and we are discussing how much stake to offer.

"We strategise in getting a Middle Eastern stakeholder as this can present opportunities in the Middle East oil and gas market in Iran, Qatar and Dubai," he said.

It could also expedite the growth of its two new business ventures - remotely operated vehicles (ROV) and jack-up drilling rigs.

The firm will launch today its work-class ROV that can operate up to 1,500m underwater.

It is also an agent for Norway-based FEM Maritime AS for the sale or lease of jack-up drilling rigs on bareboat charter basis to potential third-party users and oil majors.

The two major shareholders of Alam Maritim are SAR Ventures Holdings (M) Sdn Bhd and Forum Vest Sdn Bhd with 53.52% and 15.08% stakes respectively.

Aseambankers, in its latest report, revised upward Alam Maritim's net profit forecast to RM45mil for the year ended Dec 31.

It said Alam Maritim was among three firms shortlisted for the Petronas Carigali contract and that it was seeking a foreign shareholder.

© 2008 StarBiz

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