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Alam Maritim chief says ‘minimal impact’ from Swiber troubles

Alam Maritim chief says ‘minimal impact’ from Swiber troubles
Amid the fallout from the Swiber collapse, various counterparties such as Malaysia's Alam Maritim Resources are starting to distance themselves from the beleaguered company and reassuring investors there will be minimal impact.

Alam Maritim has only one project with Swiber and this is nearly completed, local media quoted group md and ceo Azmi Ahmad as saying.

“There is only one project directly contracted with Swiber which is almost fully-completed namely engineering, procurement, construction, installation, commissioning of SK316 development job worth $76m,” Azmi said, referring to the SK318 gas project offshore Sarawak.

Alam Maritim is also considering taking over Swiber's stake in another project that the companies are working on.

He said Alam Maritim had two joint venture companies with Swiber,

The first is Alam Swiber Offshore (M) Sdn Bhd which is equally owned by Alam Maritim (M) Sdn Bhd and Swiber Offshore Construction.

The second is Alam Swiber DLB 1 (L) Inc, which is 51% owned by Alam Maritim (L) Inc and 49% by Swiber Engineering Ltd.

“The impact is minimal to us as the contribution from the Alam-Swiber JV is not substantial to the Alam Maritim group,” he said.

The other option for Alam Maritim is to find a new partner to take over Swiber’s role, Azmi added.