Alam Maritim Resources Berhad reported Tuesday that the firm's wholly owned subsidiary, Alam Maritim (M) Sdn Bhd, has been awarded an extension of its contract with ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) for the provision of 1 accommodation barge/vessel (the Contract), the company said in an announcement on local stock exchange Bursa Malaysia.

The extension of the contract, which will take effect Feb. 1 for a period of 12 months, is valued at approximately $17.7 million (MYR 58.8 million).

Under the original contract, which was worth around $39.3 million (MYR 125.6 million), Alam Maritim supplied EMEPMI with an accommodation barge/vessel for a period of 18 months. The contract also included an option to extend the deal for another 12 months.