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 recently received a contract from Samsung Engineering (Malaysia) Sdn Bhd ("SEMSB") for the transportation, installation and pre-commissioning of two (2) Pipelines, two (2) Single Point Moorings and two (2) PLEM's in connection with Sabah Oil & Gas Terminal Project ("the Contract").

THE CONTRACT

The Contract is valued at approximately USD37.0 million equivalents to RM115.0 million. The engineering work is expected to commence immediately and the anticipated delivery date is by the third quarter of the financial year ending 31 December 2012. The Contract is however, not renewable.

FINANCIAL EFFECTS

The Contract, valued at RM115.0 million is expected to positively contribute to the earnings and net assets of AMRB for the financial year ending 31 December 2012. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.

RISKS ASSOCIATED WITH THE CONTRACT

The risk associated with the Contract mainly operational risks and delays due to human, mechanical and logistic factors. In mitigating such risk, the Company will closely monitor work schedules whilst ensuring compliance to safety, operational procedures and timeliness in the completion and delivery the Contract to SEMSB.

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 Contracts.

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 26 January 2012.


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