INTRODUCTION

The Board of Directors of Alam Maritim Resources Berhad ("AMRB" or "the Company") is pleased to announce that its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, has received a letter of award from Petronas Carigali Sdn Bhd for the provision of six (6) units marine vessels ["the Contract"] for a total sum of approximately RM576 million (estimated inclusive of extension option, if exercised).


DETAILS OF THE CONTRACT

The Contract which has taken affect from 1 January 2013 to 31 December 2017 is for a firm period of five (5) years.

RISKS FACTORS

The risks associated with the Contract are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, the Company has developed a programmed maintenance schedule which stringently adheres to the International Safety Management (ISM) Standards in maintaining performance and seaworthiness of all vessels.

FINANCIAL EFFECTS

The Contract valued at approximately RM576 million is expected to positively contribute to the earnings and net assets of AMRB for the financial year ending 31 December 2013 and beyond. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.


DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

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



DIRECTORS' STATEMENT

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


This announcement is dated 15 January 2013.


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