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 recently been awarded with the respective Letter of Award for Provision of Transportation, Installation & Pre-Commissioning of Flexible Risers and Other Appurtenances for Cendor Pipeline Project for Petrofac Malaysia (“Contract”).

2.       SALIENT TERMS OF THE CONTRACT

The Contract is awarded on lump sum basis wherein the total Contract Price is approximately Ringgit Malaysia Fifty-Two Million (RM52,000,000.00). Contract is expected to complete on 21 July 2022.

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 30 June, 2022 and 2023. Notwithstanding this, the Contract will not have any material effect on the share capital and shareholding structure of ALAM.

4.       RISKS ASSOCIATED WITH THE WORK ORDERS

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 these 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 2 March 2022.