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 filing with Bursa Malaysia, the company said both parties entered into a joint venture (JV) with Subsea holding a 70 per cent stake and Trident, the remaining 30 per cent stake.
The JV will have an initial issued and paid-up share capital of RM10,000 comprising 10,000 ordinary shares.
Trident was incorporated in January this year and specialises in offshore engineering and project management for the oil and gas and offshore renewable energy sectors.
The JV’s board will comprise two directors with Subsea nominating two and one by Trident.
Subsea will also nominate the chairman of the board.
Alam Maritim’s shares closed 2.22 per cent or half a sen lower at 22 sen, valuing the company at RM98.03 million.