INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 08 December 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 Provision of Repair and Maintenance of Sabah Sarawak Gas Pipeline ("Contract").

 

INFORMATION ON THE CONTRACT


The Sabah Sarawak Gas Pipeline is a network of onshore pipeline that link Sabah Oil and Gas Terminal in Kimanis, Sabah and PETRONAS LNG Complex in Bintulu, Sarawak. The length of the pipeline is 503km. The scope of the Contract include inspection, testing, repair and maintenance of the pipes and related infrastructures to maintain the pipeline integrity.

 

The Contract duration is for two years from 1 December 2015 until 30 November 2017. PGB has the option to extend the Contract period for an additional one year.

 

 

FINANCIAL EFFECTS


The value of the Contract will depend on the number of work programs to be carried out for the duration of the Contract based on unit rates specified in the Contract. It 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 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 8 December 2015.




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