Malaysian offshore service provider Alam Maritim has been awarded a series of new offshore vessel contracts worth a total of RM226m ($56m).
The contracts are a mixture of short term contracts as well as long term contracts with a primary period of six months to three years while some of the contracts have an extension option of one to two years.
Alam Maritim expects its vessel utilisation to increase to 55%-60% this year and more than 70% in 2019, up from 52% in 2016.
Alam Maritim managing director and chief executive officer Datuk Azmi Ahmad said during the company’s annual general meeting that the company is looking to dispose of vessels over 15 years old and reduce the fleet size to 35 vessels by the end of this year. Alam Maritim currently has a fleet of 42 OSVs.
According to Azmi, the company is also currently working on a proposed restructuring scheme which is set to completed by the third or fourth quarter of this year.
