Barakah up 8.33% on five-year contract win

PETALING JAYA: Barakah Offshore Petroleum’s share price rose as much as 8.33% to 13sen at early trade, after bagging a five-year contract from Hess Exploration and Production Malaysia BV.

At 11.04am, the stock was trading at 13sen with 7.70million shares done.

Barkah via its subsidiary PBJV Group Sdn Bhd, has bagged a five-year contract from Hess Exploration and Production Malaysia BV for the provision of Pan Malaysia maintenance, construction and modification for an undisclosed contract sum.

The scope of the contract includes maintenance, construction and modification work for structures and facilities for the client’s oil and gas fields offshore Peninsular Malaysia, it said in a filing with Bursa Malaysia.

The group noted that the contract total value is not fixed and will depend on the actual scope agreed in work orders to be issued by the client from time to time throughout the duration of the contract.

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