INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 25 November 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 the Letter of Award from Petronas Gas Bhd ("PGB") for the Engineering, Procurement, Construction and Commissioning Of New Export Terminal Scraper Station in Kemaman, Terengganu ("Contract").

 

INFORMATION ON THE CONTRACT


The Project Management, Engineering, Procurement, Construction and Commissioning ("EPCC") Contract involves the construction of a new scraper station for Propane and Butane pipelines at Teluk Kalong, Kemaman to replace the Tanjung Sulong Export Terminal ("TSET") Scrapper Station and also the otherfacilities within TSET and eventually, the commissioning and introduction of Natural Gas, Propane and Butane into the facilities. The contract duration is for one year from 6 November 2015 through 6 December 2016.

 

 

FINANCIAL EFFECTS


The value of the Contract is RM12.3 million, and 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 shareholdesrs 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 25 November 2015




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