Barakah Offshore Petroleum Berhad award of sub-contracting work for FLNG offshore works
Barakah Offshore Petroleum Berhad is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV"), has received the subcontract agreement from PETRONAS Floating LNG 1 (L) Ltd (PFLNG) for FLNG offshore works ("Contract").
The Contract is for the provision of engineering, procurement, installation and related activities for FLNG Offshore Works- PFLNG Post-Installation Activities and On-Board Hook-up, Commissioning and Start-Up Activities (Package No. 3) of PETRONAS FLNG. The Contract's value is approximately RM19.1 million for duration from December 2015 to October 2016.
The Contract is Package 3 of PLNG's development of a floating liquified natural gas ("LNG") plant to be located offshore Sarawak/Sabah.
The floating LNG plant will gather gas production from several gas fields offshore Malaysia and liquify the gas into LNG. Upon completion, the floating LNG plant has a rated capacity of 1.2 metric tonne per annum.
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 of Barakah Group believes that the 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.
Source: Company Press Release