Reference is made to the Company’s announcements dated 6 August 2019 and 29 November 2019.

In relation to a Letter of Award dated 2 August 2016, PBJV Group Sdn Bhd (“PBJV”) and Petronas Carigali Sdn Bhd (“PCSB”)  has entered into a Contract referred to as CHO/2015/DCI/1002 PROVISION OF UNDERWATER SERVICES FOR PETRONAS CARIGALI SDN BHD.

PBJV being a wholly owned subsidiary company of Barakah Offshore Petroleum Bhd (“BARAKAH”) has, through its firm of advocates and solicitors, Messrs. Ram Reza & Muhammad, issued a Statutory Notice pursuant to Section 465 and 466 of the Companies Act 2016 dated 15 January 2020, against PCSB to claim the amount of RM477,467.37.

The abovesaid Statutory Notice stated that the amount of RM118,193.52 has remained outstanding despite PCSB having issued the procedural confirmation and acknowledgement to pay the said sum.

Pursuant to the said Notice further, PCSB has been given TWENTY ONE (21) days from the receipt of the Statutory Notice to fully settle the said sum failing which PCSB shall be deemed to be unable to pay the debt and appropriate action will be taken to wind up PCSB.

This announcement is dated 16 January 2020.