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Contract win sends Barakah shares up 18%

Source: FMT

Shares of Barakah Offshore Petroleum Bhd  surged 18% in early trade Thursday (16th Jan) on the heels of its new five-year service contract from Petrofac (Malaysia-PM304) Ltd.

One of the most active counters, the oil and gas services company jumped 18.18%, or one sen to 6.5 sen with 9.62 million shares traded. Its shares have fallen some 76% in the past one year.

Barakah’s unit has secured a five-year contract to service Petrofac (Malaysia-PM304) Ltd’s oil and gas fields offshore peninsular Malaysia.

The group said the contract, awarded to its wholly-owned subsidiary PBJV Group Sdn Bhd for the years 2018 to 2023, includes Pan Malaysian maintenance, construction and modification works for structures and facilities for the client’s oil and gas fields.

The contract’s total value is not fixed and will depend on the actual scope based on work orders to be issued by the client from time to time throughout the contract duration, which is effective for five years from July 17, 2018.

Source: The Star