Barakah wins Petronas contract to build pipelines, O&G equipment

by **hlk** Fri 13 Dec 2013, 19:01

Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 13 December 2013 17:37
A + A - Reset
KUALA LUMPUR (Dec 13): Barakah Offshore Petroleum Bhd announced today
that it has via its wholly-owned subsidiary secured a Petronas contract to build
pipelines and related equipment for offshore oil & gas fields within the country.
In a statement to Bursa Malaysia, the oil & gas service provider said PBJV
Group Sdn Bhd has received letters of awards from oil & gas production
sharing companies (PSCs).
In a separate statement, Petronas today said it has awarded the Pan Malaysia
Integrated Offshore Installation Contract worth RM10 billion to three local
offshore installation contractors, among which is PBJV.
Barakah said the letters of awards are for the provision of transportation and
installation of facilities for the three years 2014 to 2016 under Package A.
It said 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 the group for the entire duration of the
contract beginning from financial year ending Sept 30, 2014,” said the firm.
Additionally, Barakah said the contract period of three years comes with a one year extension option.