INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 11 October 2018

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, PBJV Group Sdn Bhd ("PBJV"), has received a Letter of Award from Hess Exploration and Production Malaysia B.V. for the Provision of Pan Malaysia Maintenance, Construction and Modification ("PM-MCM") Contract for years 2018-2023 ("hereinafter referred to as "Contract").

 

INFORMATION ON THE CONTRACT

The scope of the Contract will generally include maintenance, construction and modification work for structures and facilities for the client's oil and gas fields offshore Peninsular Malaysia. The total value of the Contract is not fixed and will depend on the actual scope agreed in work orders to be issued by the client from time to time throughout the duration of the Contract. The Contract duration is for five (5) years effective from 17 July 2018.

 

FINANCIAL EFFECTS

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' 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 11 October 2018.





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