Alam Maritim has received a Letter of Award from Petronas Carigali for
the provision of spot charter marine vessels. The Contract is for a
period of two years with an extension option of one year exercisable by
Petronas Carigali. Under the Umbrella Contract, Alam will provide
marine vessels for the following categories: anchor handling
tug / supply vessel, straight supply vessel, fast crew boat,
workboat, work barge, general purpose/utility vessel and platform
supply vessel. The total contract value will depend on the
actual number of days the vessels are on-hire based on instructions from
the Petronas Carigali. (Source: Bursa Malaysia)
Comments: We are positive on the contract win. The Umbrella Contract limits the pool of eligible vessels suppliers, lessens competition and likely to increase Alam’s overall vessel utilisation. That said, the actual vessel utilisation is dependent on Petronas Carigali’s work schedule and hence, the umbrella contract win is unlikely to materially lift Alam’s immediate business outlook, in view of a likely reduction in upstream activities. Maintain HOLD on Alam with an unchanged TP of RM0.74.
Source: Affin Hwang Capital Research - 6 Mar 2015
Comments: We are positive on the contract win. The Umbrella Contract limits the pool of eligible vessels suppliers, lessens competition and likely to increase Alam’s overall vessel utilisation. That said, the actual vessel utilisation is dependent on Petronas Carigali’s work schedule and hence, the umbrella contract win is unlikely to materially lift Alam’s immediate business outlook, in view of a likely reduction in upstream activities. Maintain HOLD on Alam with an unchanged TP of RM0.74.
Source: Affin Hwang Capital Research - 6 Mar 2015
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