Barakah deputy executive chairman and founder Nik Hamdan Daud said the company would soon sign a a smart partnership agreement with the unidentified firm.
“They have the deep water technology and assets…which we don’t have yet,” he said, adding that this would Barakah to maintain its profitability amid the current environment of lower margins and fewer jobs. The company’s core strength is in transportation and installation, pipeline services as well as hook-up and commissioning.
Barakah’s outstanding orderbook is about MYR2bn ($535.3m) while its tenderbook is about the same size. About MYR700m or 30% of new tenders are for overseas contracts.
Executive director Azman Shah Mohd Zakaria, who oversees its international business, said it had tendered for $185m worth of jobs in the Middle East and $30m in Southeast Asia.
He expected to secure some jobs from the overseas markets in the third quarter of this year, which if successful, would make up about 5% of the group’s revenue this year.
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