Barakah Offshore bags five-year contract

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KUALA LUMPUR (Feb 11): Barakah Offshore Petroleum Bhd has bagged a Farm-In Agreement from IPC Malaysia BV. The contract is for Barakah to provide maintenance, construction and modification services in the oil & gas fields offshore of Peninsular Malaysia to IPC Malaysia’s client, Pan Malaysia.

The tenure of the contract is from November 2018 to July 2023.

However, there has no firm contract value mentioned in the filing with Bursa Malaysia.  

“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. The contract duration is from November 22, 2018, to July 10, 2023, in accordance with the terms and conditions of the contract,” Barakah said in the filling.

Barakah said the contract is expected to contribute positively towards the group’s earnings and net assets per share for the duration of the contract.

Shares price of Barakah rose 0.5 sen or 5% to 10.5 sen, with a market capitalisation of RM87.76 million. The counter saw some 24.77 million shares traded. Shares of Barakah  has fallen about 60.38% over the past year.