Alam Maritim Resources Berhad (AMRB) is proposing to acquire a newly constructed offshore support vessel (OSV) for US$19.8 million, or about RM80.8 million, as the group moves to expand its fleet and capitalise on its RM1.55 billion subsea order book following its exit from Practice Note 17 (PN17) status.
The listed entity said its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd (AMSB) intends to acquire the vessel from POET Shipbuilding & Engineering Pte Ltd, which will be responsible for its construction.
AMSB had previously entered into a vessel purchase option agreement with POET on Dec 1, 2025 and paid an option fee of US$900,000, equivalent to about RM3.67 million, for the right to purchase the OSV.
The option was originally exercisable by July 31, 2026. Subsequent agreements extended the deadline first to Aug 7 and subsequently to Oct 31, 2026.
AMRB’s board now intends to exercise the option and proceed with the acquisition.
Upon obtaining shareholders’ approval, POET will build, launch, equip and complete the vessel before selling and delivering it to AMSB under a definitive shipbuilding contract.
AMRB described OSVs as highly specialised vessels that can serve as floating bases to support or facilitate diving operations for offshore oil and gas activities at production platforms and other installations in open water.
The additional vessel is expected to expand the group’s capacity and capabilities in providing subsea services to the oil and gas industry.
As of June 30, 2026, the group’s ongoing subsea contracts and secured order book carried an estimated remaining contract value of RM1.55 billion.
AMRB expects the additional vessel to increase its ability to bid for and undertake more subsea contracts, supporting further expansion of its order book.
The company said the proposed acquisition comes at an opportune time as it anticipates increased business activity following its recent emergence from PN17.
AMRB’s PN17 status was lifted on June 8, 2026, a development the group expects will improve confidence among customers, vendors, financiers and other stakeholders.
