Barakah Offshore Petroleum Bhd has issued a statutory notice on 16th January, 2020 against its client Petronas Carigali Sdn Bhd to claim RM477,467.37, in relation to work done by Barakah's unit in August 2016. The contract includes the provision of underwater services to Petronas Carigali, Petroliam Nasional Bhd's (Petronas') exploration arm. (The Edge Daily)
In fact, there was a follow-up to the suit on 20th Jan demanding Petronas to pay up RM118k+ out of the RM477k+ since it's viewed as debt without legal dispute.
Perisai made a heavy investment on offshore drilling to its OSV business, which later also suffered a massive oversupply. The timing was bad and never able to recover.
Barakah has revenue and order booked
a. Focus on bidding for more projects - Estimated tender book value of RM928 million. b. Execution of projects to sustain operations c. Orderbook of RM600 million provides earnings visibility up to 2023. d. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu e. Collaborate with stronger companies f. Strategic tie-up with Vallianz. g. Collaboration with Minsheng. h. To explore areas of collaboration.
a. Focus on bidding for more projects - Estimated tender book value of RM928 million. b. Execution of projects to sustain operations c. Orderbook of RM600 million provides earnings visibility up to 2023. d. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu e. Collaborate with stronger companies f. Strategic tie-up with Vallianz. g. Collaboration with Minsheng. h. To explore areas of collaboration
The Board of Directors wishes to inform that the Company is in the midst of formulating a plan to regularise its financial conditions (“Regularisation Plan”). The Company has approximately three (3) months to submit its Regularisation Plan to the relevant authorities for approval.
a. Focus on bidding for more projects - Estimated tender book value of RM928 million. b. Execution of projects to sustain operations c. Orderbook of RM600 million provides earnings visibility up to 2023. d. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu e. Collaborate with stronger companies f. Strategic tie-up with Vallianz. g. Collaboration with Minsheng. h. To explore areas of collaboration 03/02/2020 11:03 AM
Let's include Jmz88's suggestion.
10 Darn Good Reason why Barakah will not be delisted.
1. Focus on bidding for more projects - Estimated tender book value of RM928 million. 2. Execution of projects to sustain operations 3 Orderbook of RM600 million provides earnings visibility up to 2023. 4. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu 5. Collaborate with stronger companies 6. Strategic tie-up with Vallianz. 7. Collaboration with Minsheng. 8. To explore areas of collaboration 9. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM1.02 billion demand against Petronas Carigali in August 2019. 10. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM179.84 million from Petronas Gas Bhd, in relation to the procurement, construction and commissioning of Pengerang Gas Pipeline Project (formerly RGT2 Pipeline project).
Come to buy Benalec.Less risk.Price 13.5 cents.NTA 71 cent.Good future.Near Singapore.Involve in land reclamation and .....Not PN 17 company.Buy at least Rm 10k.Wait for 2 quarter(6 months).Ong will mari.
Price:12.5 cents for Benalec. Not 13.5 cents.Error. Michael Kwok 1294 posts Posted by Michael Kwok > Feb 3, 2020 11:05 PM | Report Abuse X
Come to buy Benalec.Less risk.Price 13.5 cents.NTA 71 cent.Good future.Near Singapore.Involve in land reclamation and .....Not PN 17 company.Buy at least Rm 10k.Wait for 2 quarter(6 months).Ong will mari.
10 Darn Good Reason why Barakah will not be delisted.
1. Focus on bidding for more projects - Estimated tender book value of RM928 million. 2. Execution of projects to sustain operations 3 Orderbook of RM600 million provides earnings visibility up to 2023. 4. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu 5. Collaborate with stronger companies 6. Strategic tie-up with Vallianz. 7. Collaboration with Minsheng. 8. To explore areas of collaboration 9. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM1.02 billion demand against Petronas Carigali in August 2019. 10. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM179.84 million from Petronas Gas Bhd, in relation to the procurement, construction and commissioning of Pengerang Gas Pipeline Project (formerly RGT2 Pipeline project).
Besides @Mabels' list, another positive to me for Barakah to get out of PN17, just my 2cents, is that we (market) has clear visibility that Barakah is actively working on improving their financials and business prospects.
Unlike e.g. Perisai who were pretty much silent the whole time and only action was to keep asking for extensions with no clear business restructure plan.
11 Darn Good Reason why Barakah will not be delisted.
1. Focus on bidding for more projects - Estimated tender book value of RM928 million. 2. Execution of projects to sustain operations 3 Orderbook of RM600 million provides earnings visibility up to 2023. 4. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu 5. Collaborate with stronger companies 6. Strategic tie-up with Vallianz. 7. Collaboration with Minsheng. 8. To explore areas of collaboration 9. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM1.02 billion demand against Petronas Carigali in August 2019. 10. Actively disputing & taking legal action against Petronas lead by Chairman Zaid - RM179.84 million from Petronas Gas Bhd, in relation to the procurement, construction and commissioning of Pengerang Gas Pipeline Project (formerly RGT2 Pipeline project). 11. Work in Progress to get out of PN17. Clear visibility that Barakah is actively working on improving their financials and business prospects.
@Godofgambler I like your enthusiasm but i don't think these announcements count as positive news, it's more of documentation under Bursa listing requirements.
Both dated 3 Feb 2020 i) No major development to the status of default in payment of the loan facility.
ii) The Board of Directors wishes to inform that the Company is in the midst of formulating a plan to regularise its financial conditions (“Regularisation Plan”). The Company has approximately three (3) months to submit its Regularisation Plan to the relevant authorities for approval.
I am looking forward to announcement regarding response from Petronas - hopefully this will be positive!
Tiruban.. I still remember how i keep my knm from 0.36 for 2 years.. Drop till 0.09 still keep. Never average...prediction tp Rm1.00 . Sold at 0.44 making handsome profit. Re enter at 0.30 and now waiting for tp 1.00 again.
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O&G Decommissioning Mart to See High Capex
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