Barakah Offshore Wins Petronas Subsea Work

PBJV Group Sdn Bhd ("PBJV") wholly-owned subsidiary company of the Barakah Offshore Petroleum Berhad ("Barakah" or the "Company")has received the Letter of Award from PETRONAS Carigali Sdn Bhd ("PCSB") for the Provision of Underwater Services for oil and gas fields in East Malaysia ("Contract").

The Contract requires the provision of Main and Support Vessel, Air and Saturation Diving, Remotely Operated Vehicle (ROV) and other related underwater services, which includes Inspection, Maintenance, Repair, drilling support and other work to PCSB's underwater facilities as and when necessary. The Contract covers offshore of East Malaysia and other specified worksites of PCSB.

The Contract is based on call out basis. The total value of the Contract will depend on the actual work orders to be issued by PCSB from time to time during the Contract period. The duration is two years, which will be effective from August 2016 to August 2018, with an option for one (1) year extension. 

The Contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the duration of the Contract.