INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 09 July 2019

OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD - NOTIFICATION OF SUSPENSION FROM PETROLIAM NASIONAL BERHAD


Type Announcement
Subject OTHERS
Description

BARAKAH OFFSHORE PETROLEUM BERHAD
- NOTIFICATION OF SUSPENSION FROM PETROLIAM NASIONAL BERHAD

Barakah Offshore Petroleum Berhad ("Barakah" or the "Company") wish to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV") received a notification dated 8 July 2019 of suspension of PBJV's license from Petroliam Nasional Berhad ("Petronas").

 

The letter from Petronas indicated that there was an adverse report from Petronas Carigali Sdn Bhd ("PCSB") pertaining to the non-performance of PBJV in relation to the contract relating to provision of underwater services for PCSB. Resulting from that, Petronas has decided to suspend PBJV's license for a period of three (3) years with effect from the date of the letter.

 

The implication of the letter is that Petronas including its subsidiaries and any Petroleum Arrangement Contractors (PACs") will not award any new contract to PBJV during the suspension period. PBJV will not be allowed to bid for new projects undertaken by Petronas including its subsidiaries and any PACs during the suspension period.

 

Nevertheless PBJV is still allowed to continue and complete its existing and on-going contracts with Petronas including its subsidiaries and PACs in accordance to the term and conditions of the respective existing and on-going contracts.

 

The Company will seek clarification from Petronas and appeal against the suspension.

 

This announcement is dated 9 July 2019.





Back