1.         INTRODUCTION

The Board of Directors of Alam Maritim Resources Berhad ("ALAM” or "the Company") is pleased to announce that its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd has been awarded with a Work Order for the Provision of Anchor Handling Tug and Supply (“AHTS”) for PETRONAS Carigali Sdn Bhd (“Contract”).

2.         SALIENT TERMS OF THE CONTRACT

The salient terms of the Contract are as follows:

The total value of the Contract is approximately Ringgit Malaysia Twenty Eight Million (RM28,000,000).

3.         FINANCIAL EFFECTS

The Contract is expected to contribute positively to the earnings and net tangible assets of ALAM and its group of companies for the financial year ending 31 December 2020 and thereafter within the duration of the contract. Notwithstanding this, the Contract will not have any material effect on the share capital and shareholding structure of ALAM.

4.         RISKS ASSOCIATED WITH THE CONTRACT

The risk factors associated with the Contract include execution and operational risks such as availability of vessels, skilled manpower, equipment and materials in compliance with the terms of the Contract, unexpected mechanical breakdown, changes in political, economic and regulatory conditions. Throughout the years, ALAM has established its track record and expertise to undertake the Contract. In mitigating the risks, ALAM will closely monitor all planned activities as per the project schedule and ALAM adheres to the Quality, Health, Safety, Security and Environment - Integrated Management System in ensuring to continually deliver reasonable quality services.

5.         DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders of ALAM, or persons connected to them has any direct or indirect interest in the Contract.

6.         DIRECTORS' STATEMENT

The Board of Directors of ALAM is of the opinion that the acceptance of the Contract is in the best interest of the Company.

 The announcement is dated 18 February 2020.