Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 6): PBJV Group Sdn Bhd, a wholly-owned subsidiary of Barakah Offshore Petroleum Bhd, has received a Letter of Award from Petronas Carigali Sdn Bhd, a Bursa Malaysia filing shows.

According to Barakah (fundamental: 2; valuation: 1.5), the contract is for the provision of engineering, procurement, fabrication, installation, commissioning and maintenance works of the PIG trap system.

"The PIG trap system is essentially a facility to launch and receive pipe inspection gauges (PIG), which are used to run through internal section of pipelines from one end to the other end for inspection and maintenance of pipelines," said Barakah in the filing.

The value of the contract was not disclosed. However, the group said the total value of the contract would depend on the actual work orders by Petronas Carigali during the contract period.

The contract duration is from Jan 23, 2015 to Jan 22, 2018, with an extension option of one year, from Jan 23, 2018 to Jan 22, 2019.

Barakah shares closed 3.5 sen or 3.74% higher to 97 sen, for  a market capitalisation of RM744.63 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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