BARAKAH OFFSHORE PETROLEUM BERHAD AWARD OF CONTRACT FOR THE PROCUREMENT, CONSTRUCTION AND COMMISSIONING OF PENGERANG PIPELINE PROJECT
BARAKAH OFFSHORE PETROLEUM BERHAD
|Description||BARAKAH OFFSHORE PETROLEUM BERHAD|
AWARD OF CONTRACT FOR THE PROCUREMENT, CONSTRUCTION AND COMMISSIONING OF PENGERANG PIPELINE PROJECT
Barakah Offshore Petroleum Berhad ("Barakah" or the "Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd, in a Consortium with CPM Construction Sdn Bhd, has received a letter of award from PETRONAS Gas Berhad for the procurement, construction and commissioning of Pengerang Pipeline ("Contract").
Work for the Contract is expected to commence immediately and is scheduled to be completed by Q2 2016.
The value of the Contract is estimated at RM260 million. PBJV Group Sdn Bhd has 50% share of the liabilities and obligations in respect of the Contract and 50% share of the benefits and profits to be derived from the Contract by the Consortium. 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 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 believes that Barakah Group is able to mitigate the abovementioned risk factors.
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 23 April 2014.
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