KUALA LUMPUR: Alam Maritim Resources Bhd’s subsidiary has secured another contract to provide pan-Malaysia underwater services for petroleum arrangement contractors (PACs).

This is its third PAC contract win since Nov 30, which was less than two weeks ago.

The first five-year PAC contract it bagged was from Petronas Carigali Sdn Bhd and Enquest Petroleum Production Malaysia Ltd, on Nov 30. This was followed by another five-year conditional contract to provide a similar service from ExxonMobil Exploration and Production Malaysia Inc, which it announced on Tuesday.

In an exchange filing yesterday, Alam Maritim said the contract was awarded to its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd by Hess Exploration and Production Malaysia BV.

The job is on a regular or a call-out basis, whereby work orders will be issued by the client based on the schedule of rates as set forth in the contract.

Similar to its other PAC contracts, the total value of this contract will be contingent upon the actual work orders and the scope of work performed.

The contract is expected to contribute positively to the earnings and net tangible assets of Alam Maritim and its group of companies for the financial years ending Dec 31, 2018 to 2023.

At market close yesterday, shares in Alam Maritim finished half a sen or 6.3% higher at 8.5 sen, valuing the group at RM78.58 million.