KUALA LUMPUR (June 12): Barakah Offshore Petroleum Bhd said its wholly-owned subsidiary, PBJV Group Sdn Bhd, has secured a three-year licence from Petroliam Nasional Bhd (Petronas).

This comes two months after the national oil corporation lifted the suspension against PBJV for the licence imposed in 2019.

“The company is pleased to announce that the licence renewal application by PBJV from Petronas has been successful,” said Barakah in a bourse filing.

It added that Petronas granted the licence to PBJV with full reinstatement of SWEC (Standardised work and equipment categories) code in respect of all its 27 approved licence categories.

Petronas suspended PBJV's licence for a period of three years on July 9, 2019, due to the Barakah unit's non-performance in relation to the provision of underwater services for Petronas Carigali Sdn Bhd.

This resulted in PBJV not being awarded any new contract by Petronas, its subsidiaries, or any petroleum arrangement contractors (PACs) during the suspension period.

PBJV was also not allowed to bid for new projects undertaken by Petronas, its subsidiaries and PACs.

Shares of Barakah closed unchanged at 5.5 sen on Monday (June 12), giving the company a market capitalisation of RM50.57 million.

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