Barakah Offshore’s Branch Secures Work at Malaysian Offshore Fields

Malaysia’s Barakah Offshore Petroleum Berhad has today confirmed that its  subsidiary PBJV has received letters of awards from oil and gas production sharing companies (“PSCs”) for the provision of transportation and installation of facilities for the year 2014 to 2016 under package A.

The contract includes transportation and installation of facilities such as pipelines and related equipment for offshore oil and gas fields within Malaysia. The Contract period is for 3 years from December 2013 to December 2016 with a 1 year extension option.

“The total value of the Contract will depend on the actual work orders issued by the PSCs during the Contract period. The Contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the entire duration of the Contract beginning from financial year ending 30 September 2014,” Barakah said in a filing to Bursa Malaysia.

[mappress]
December 13, 2013