CIMB Research has upgraded its 'sell' rating on Alam Maritim Resources Bhd to 'buy', saying that the tide has turned for this marine support player.

It said the company's plan to venture into pipe installation was coming to fruition with its 50:50 joint venture with Swiber set to clinch a US$50 million to US$60 million contract relating to Petronas' Sabah Oil and Gas Terminal (SOGT).

Alam Maritim was also teaming up with Sabah state agency Yayasan Sabah on oil and gas related works.

'We upgrade Alam Maritim from sell to buy with the potential catalyst being the announcement of the Petronas SOGT contract and more pipe installaition venture by the company,' the research house said in its research report today.

CIMB Research also raised its target price for Alam Maritim from RM1.03 to RM1.40. The stock rose 10 sen or 9.52 per cent to RM1.15 at 3.50pm today.

Alam Maritim is an investment holding company with subsidiaries mainly involved in the provision of transportation support services and offshore facilities construction and installation, and underwater services to the upstream activities in the oil and gas industry. -- Bernama