Alam Maritim had entered into a Shareholders’ Agreement with Singaporelisted Vallianz Holdings Limited to form a 51:49 JV company for the purpose of owning offshore support vessels (OSVs) operating in Malaysia. The JV company  is  called  Deepsea  Leader  Venture  (L)  Inc,  and  has  a  paid-up capital of US$100. (Source: Bursa Malaysia)

Comment: We are positive on the partnership with Vallianz. The move will enable  Alam  to  tap  into  Vallianz’s  extensive  fleet  of  51  OSVs,  including anchor  handling  tug  supply  vessels  (AHTS),  platform  support  vessels, accommodation work barges, pipelay barges, subsea construction & diving vessel  and  utilities/  support  vessels.  No  change  to  our  earnings  forecast, BUY  rating  and  TP  of  RM0.70  for  now,  pending  further  details  on  the collaboration plan.

Source: Affin Hwang Capital Research - 6 Jan 2015