It said the fixtures, involving an accommodation barge and an anchor handling tug, will now run for another two years.

The Malaysian offshore vessel operator said the extensions, which are due to begin in mid-October, are worth MYR 75.2m ($23m).

Separately, Malaysian investment house Kenanga Research has downgraded Alam Maritim to ‘market perform’ from ‘outperform’.

“We were not surprised by the contract extension given that there is a lack of accommodation work barges in the Malaysian Waters,” it said.

But