Barakah Offshore Petroleum Berhad is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV"), has received the Letter of Award from Kebabangan Petroleum Operating Company Sdn Bhd ("KPOC") for the provision of topside maintenance services ("Contract").
INFORMATION ON THE CONTRACT:
The Contract comprises provision of topside maintenance services in Sabah. The Contract duration is for one year effective from 2 April 2015 with an option for extension for a further one year. The mobilization date for the work is expected to be on 1 May 2015.
FINANCIAL EFFECTS:
The total value of the Contract will depend on the actual work orders to be issued by KPOC from time to time during the Contract period. The Contract is expected, to contribute positively towards the earnings and net assets per share of Barakah Group for the duration of the Contract.
RISK FACTORS:
Risk factors affecting the Contract include, but not limited to, execution risks such as availability of skilled manpower and materials and changes in prices of materials. Barakah Group has, throughout the years, established its track record and expertise to undertake such projects.
As such, the management of Barakah Group believes that the Group is able to mitigate the abovementioned risk factors.
DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST:
None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Contract.
