Alam Maritim forms pact to manage offshore transport in Asean, India
KUALA LUMPUR: Alam Maritim Resources Bhd’s unit Subsea Worldwide Solutions Sdn Bhd has partnered with Singapore’s Trident Oceanus Pte Ltd to manage offshore transportation and installation projects in Southeast Asia and the Indian subcontinent.
In a strategic partnership, Alam Maritim Resources Bhd's Subsea Worldwide Solutions Sdn Bhd has joined forces with Singapore's Trident Oceanus Pte Ltd. The collaboration aims to manage offshore transportation and installation projects across Southeast Asia and the Indian subcontinent. According to a Bursa Malaysia filing, the joint venture (JV) will see Subsea holding a 70% stake while Trident will have a 30% share.
The JV's initial share capital stands at RM10,000, comprising 10,000 ordinary shares. Trident, a newcomer to the scene, was established in January and focuses on offshore engineering and project management in the oil and gas and offshore renewable energy sectors. The JV's board will consist of two directors, with Subsea nominating two and Trident contributing one.
Subsea will also have the responsibility of appointing the board's chairman. Despite the partnership, Alam Maritim's shares saw a slight decline, closing 2.22% or half a sen lower at 22 sen, with the company currently valued at RM98.03 million.
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