The board of directors of Alam Maritim Resources Berhad (ALAM) announced that ALAM has recently entered into a memorandum of understanding (the MOU) with SAFEEN Survey and Subsea Services and Abu Dhabi Ports Group; and MCS Group to bring together experience, marine assets and capabilities, and proprietary technology into the oil and gas (O&G) industry, in particular the upstream oil and gas sector in Malaysia and the region spearheaded under ALAM's leadership (Proposed Collaboration). SALIENT TERMS OF THE MOU: The intention of the MOU is to synergize all parties' respective experience, expertise and assets in their respective fields for mutual benefit and to align their respective capabilities and proprietary technology into the O&G industry especially the upstream oil and gas sector in Malaysia and the region lead by ALAM's leadership in offshore service vessels (OSV) and Subsea sectors. Further, the synergy through the MOU is intended to promote the most efficient operational and commercial solutions, providing economic value of scope and scale to O&G sector in Malaysia and Southeast Asia.

Upon identification of such target project, the parties will execute specific joint bidding agreement and/or collaboration agreement and/or any other agreement and develop pursuit plans appropriately. The parties through the MOU agree to co-operate on an exclusive relationship for the target project secured by this arrangement. The MOU is not expected to have any material effects on the issued share capital and substantial shareholders' shareholdings of ALAM, as well as the net assets, gearing, earnings and earnings per share of ALAM.

The financial effects of the Proposed Collaboration can only be determined upon the execution of the specific joint bidding agreement and/or collaboration agreement and/or any other agreement.