Barakah active, jumps 18.2% after unit wins Petrofac contract

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KUALA LUMPUR (Jan 17): Barakah Offshore Petroleum Bhd shares jumped 18.2% in active trade at mid-morning today after its unit won a five-year contract to service Petrofac (Malaysia-PM304) Ltd's oil and gas fields offshore Peninsular Malaysia.

At 10.02am, Barakah rose 1 sen to 6.5 sen with 10.55 million shares traded.

It said the contract, awarded to its unit PBJV Group Sdn Bhd for the years 2018 to 2023, includes Pan Malaysian maintenance, construction and modification works for structures and facilities for the client's oil and gas fields.

The contract's total value 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 contract duration, which is effective for five years from July 17, 2018.