Barakah Offshore Petroleum Berhad’s subsidiary PBJV Group is to provide topside maintenance services to Kebabangan Petroleum Operating Company (KPOC) in Sabah, Malaysia.
The initial contract is for one year, effective from 2 April, and includes the option to extend it for a further year.
Work is expected to commence on 1 May.
The total value of the contract has not been disclosed and Barakah OffShore claims that the contract value will depend on the actual work orders issued by KPOC during the contract period.
“The contract value will depend on the actual work orders issued by KPOC during the contract period.”
The company expects this contract to have a positive contribution to its earnings and net assets per share, and claims that none of the directors or major shareholders have any direct or indirect interest in the contract.
Despite project risks such as availability of skilled manpower and materials, and fluctuations in material prices, Barakah believes it will be able to mitigate these factors as a result of its established track record and expertise.
Barakah Offshore Petroleum Berhad was incorporated in Malaysia in March 2012 as an investment holding company for PBJV Group.
From pipeline service provider, PBJV expanded its business activities into offshore transportation and installation works, hook-up and commissioning, onshore construction, underwater services and chartering of marine vessels and equipment.