The Kuala Lumpur-listed firm has lined up an $80m second hand diving support vessel (DSV) to add to its existing fleet of 42 offshore vessels.
Alam, which already owns a series of remotely operated vehicles (ROV), plans to operate the vessel as a joint venture, CEO Shaharuddin Rahmad said in an interview with local media this week.
Market observers have identified a local outfit called Pacific Radius as the likely partner.
Alam Maritim believes the addition of the vessel will help to lift margins at its subsea division.
The company blamed a lack of major contracts from the segment for a huge decline in fourth quarter profit and revenue.
