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FINWIRES

Alam Maritim Resources to Acquire Offshore Support Vessel for $20 Million

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Alam Maritim Resources (KLSE:ALAM) plans to acquire a newly built offshore support vessel from Singapore-based POET Shipbuilding & Engineering for $19.8 million, according to a Tuesday Bursa Malaysia filing.

The offshore oil and gas support services provider's subsidiary, Alam Maritim (M), will buy the 65-meter vessel through internally generated funds and bank borrowings.

Following the acquisition, the company's fleet will expand to five OSVs and strengthen its subsea segments.

The vessel will take around 24 months to build, with completion of the acquisition slated for October 2028.

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