Barakah gets service deal with EnQuest in Malaysia
A wholly-owned subsidiary of Malaysia’s Barakah Offshore, PBJV Group, has received a letter of award from EnQuest for the provision of maintenance, construction, and modification work in Malaysia.
Barakah said in a Bursa Malaysia filing on Monday that the contract was for five years effective from July 13, 2018, and would last until 2023.
The total value of the contract is not fixed and will depend on the actual scope based on work orders to be issued by the client from time to time throughout the duration of the contract.
Barakah added that the contract was expected to contribute positively towards the earnings and net assets per share of the Barakah Group for the duration of the contract.
The company also said that risk factors affecting the contract included execution risks such as availability of skilled manpower and materials and changes in prices of materials but that the company had a track record which could mitigate such risk factors.