KUALA LUMPUR (July 18): Barakah Offshore Petroleum Bhd's unit, PBJV Group Sdn Bhd, has received a contract extension for pan-Malaysia maintenance, construction and modification (MCM) services under Package A.

In a filing on Monday (July 17), the group said that the contract from Jadestone Energy (Malaysia) Pte Ltd — formerly Sapura Exploration and Production (PM) Inc — Hess Exploration and Production Malaysia BV, Petrofac (Malaysia-PM304) Limited and IPC Malaysia BV, which was due to expire in June this year, has been extended to December 31, 2024.

No contract amount was disclosed, though based on previous filings, prior contract values were “not fixed and will depend on the actual scope based on work orders to be issued by the client from time to time throughout the duration of the contract.”

At mid-day, shares of Barakah closed half a sen, or 7.69%, lower to 6 sen, valuing the group at RM60.2 million.