INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 28 August 2018

MATERIAL LITIGATION CASE MANAGEMENT IN RESPECT OF A CLAIM BY MERSING CONSTRUCTION & ENGINEERING SDN BHD


Type Announcement
Subject MATERIAL LITIGATION
Description CASE MANAGEMENT IN RESPECT OF A CLAIM BY MERSING CONSTRUCTION & ENGINEERING SDN BHD

Barakah Offshore Petroleum Berhad ("Barakah" or the "Company") wishes to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV"), has attended to a case management on 28 August 2018 at High Court of Malaya at Shah Alam in respect of a claim by Mersing Construction & Engineering Sdn Bhd ("Mersing") against PBJV for a sum of RM13,275,867.96.

 

Mersing was a subcontractor appointed by PBJV for part of the scope for the Pengerang Gas Pipeline Project. The claim submitted by Mersing was for RM2,503,655.27 for the balance of the progress claim for the subcontract and RM10,772,212.69 for variation order work.

 

PBJV has disputed the amount claimed by Mersing for the variation order work. At the same time, PBJV has also filed for a civil suit against Mersing for a total sum of RM41,658,233.63 for the additional cost impact to the project that PBJV claimed was caused by Mersing.

 

The Court has fixed 25th September 2018 to decide on the claim by Mersing following written submission to be made by each party.

 

The Company will make announcement on further development of the above matters in due course.

 

This announcement is dated 28 August 2018.





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