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Barakah Offshore Petroleum bidding for $409m in new jobs

Barakah Offshore Petroleum bidding for $409m in new jobs
Barakah Offshore Petroleum is bidding for MYR1.7bn ($408.5m) worth of jobs in the local and international markets and looks to be in good shape to ride the upturn in the oil and gas industry when it comes, local reports said.

Group president and ceo Nik Hamdan Daud said the company had also secured MYR1.6bn of orders despite the overall industry slowdown. The company said that most of its new jobs would keep the group busy until 2018.

Last year, the group only managed to secure MYR170m of work orders.

Moving forward Nik Hamdan said the group is confident that its lean business model and cost cutting measures will make Barakah resilient and put the group in a good position to tap into a sustained recovery in the oil and gas industry.

"We are on track to be able to survive this," he said.