INVESTOR RELATIONS

FORM OF NOTICE OF CONVERSION OF 5-YEAR 3.5% REDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("RCULS" OR "BARAKAH-LA")

BURSA ANNOUNCEMENTS
Date: 06 February 2015

OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD - AWARD OF CONTRACT

 

Type Announcement
Subject OTHERS
Description BARAKAH OFFSHORE PETROLEUM BERHAD
- AWARD OF CONTRACT

INTRODUCTION

Barakah Offshore Petroleum Berhad ("Barakah" or the "Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV"), has received a Letter of Award from PETRONAS Carigali Sdn Bhd ("PCSB") for the provision of engineering, procurement, fabrication, installation, commissioning and maintenance works of pig trap system ("Contract").

INFORMATION ON THE CONTRACT

The Contract comprises provision of engineering, procurement, fabrication, installation, commissioning and maintenance works of pig trap system in Peninsular Malaysia, Sabah and Sarawak . The Contract duration is from 23 January 2015 to 22 January 2018, with extension option of one year, from 23 January 2018 to 22 January 2019. The pig trap system is essentially a facility to launch and receive pipe inspection gauges ("PIG"), which are used to run through internal section of pipelines from one end to the other end for inspection and maintenance of pipelines.

FINANCIAL EFFECTS


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 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' INTERESTS'

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.

This announcement is dated 6 February 2015. .

 

 



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