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Barakah secures 2+1 years contract from Petronas Carigali

Barakah secures 2+1 years contract from Petronas Carigali
Malaysian offshore services provider Barakah Offshore Petroleum, through its unit, PBJV Group (PBJV), has secured a contract from Petronas Carigali to provide underwater services for oil and gas fields in East Malaysia.

Barakah said in a stock market announcement that the contract required the provision of main and support vessels, air and saturation diving, remotely-operated vehicles and other related underwater services.

The contract is for two years from August 2016 to August 2018, with an optional one-year extension. “The contract is based on call-out basis. The total value of the contract will depend on the actual work orders to be issued by Petronas Carigali from time to time during the contract period."

Barakah said the contract was expected to contribute positively to the earnings and net assets per share of the group for the duration of the contract.