PBJV Wins Kebabangan Contract from KPOC (Malaysia)
- Business & Finance
Barakah Offshore’s subsidiary has secured a contract offshore Sabah, Malaysia.
PBJV Group Sdn Bhd, a subsidiary of Barakah Offshore Petroleum Berhad, has received a letter of award from Kebabangan Petroleum Operating Company Sdn Bhd (“KPOC”) for the provision of dewatering, drying and dry preservation of 14” and 24” KBB Linepipes for Kebabangan Nothern Hub Development Project.
The contract value is estimated between RM20 million to RM25 million (USD 6.2 – 7.2 million). The work for the contract is expected to start in Q4 2013 and is expected to be completed by Q1 2014.
“The Contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the financial year ending 30 September 2014,” said Barakah in a filing to Bursa Malaysia.
KPOC, comprising PETRONAS Carigali Sdn Bhd (40%), ConocoPhillips Sabah Gas Ltd (30%) and Shell Energy Asia Limited (30%), will operate the Kebabangan field. The field, located in water depths of 100 metres to 400 metres, is expected to come on stream in 2014.
KBB will be a hub for the development of deep water and on-shelf oil and gas assets offshore Northern Sabah.
Offshore Energy Today Staff, October 25, 2013