Alam Maritim Resources’ wholly-owned subsidiary, Alam Hidro, and Australian company AME Subsea have entered into a shareholders agreement for the purpose of venturing and providing offshore underwater and subsea services.
The services will include a complete work program of underwater, structural and topside inspection, repair and maintenance, particularly in the international markets.
In line with the agreement, a joint venture company known as Subsea Worldwide Solutions (SWS) has been incorporated.
The completion of the shareholders agreement is not expected to have any material effects on the share capital and shareholding structure of Alam Maritim.
SWS is expected to contribute positively to the earnings and net tangible assets of Alam for the year ending December 31, 2018 and beyond.
The first directors of the newly-formed company are: Datuk Azmi bin Ahmad, Shaharuddin bin Warno, Aloysius Albert Micheal and Alvin Ch’ng Yi Ming.