debt, debt and debt...the 101 ship still idle....need fresh money to pump in....i though @saltedfish said BARA had briefed Fund Manager on the strategy to bring in new partner or funding? no news yet?
Care to join PERISAI, SUMATEC & BORNOIL as a penny stock counter?
You guys will make a great team, considering that all four of you are in the oil-related business. I suggest you guys should make a joint venture instead? Just sayin' tho... since too frequently people in this platform post big hopes and dreams for their counter to 'fly' in the near future. I might as well just add this one too.
. OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD AWARD OF CONTRACT BARAKAH OFFSHORE PETROLEUM BERHAD
Type Announcement Subject OTHERS Description BARAKAH OFFSHORE PETROLEUM BERHAD
AWARD OF CONTRACT INTRODUCTION
Barakah Offshore Petroleum Berhad ("Barakah" or the “Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd (“PBJV”), has received a Letter of Award from Sapura Exploration and Production (PM) Inc. for the provision of Pan Malaysia Maintenance, Construction and Modification (PM-MCM) Contractor for 2018-2023 Package A (West Malaysia)(hereinafter referred to as “Contract”).
INFORMATION ON THE CONTRACT The scope of the Contract will generally include maintenance, construction and modification work for structures and facilities for the client’s oil and gas fields offshore Peninsular Malaysia. The total value of the Contract is 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. The Contract duration is for up to five (5) years effective from 11 July 2018 in accordance with the terms and conditions of the Contract.
FINANCIAL EFFECTS
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
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.
DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST 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.
KUALA LUMPUR (Aug 9): Barakah Offshore Petroleum Bhd has been awarded a five-year contract to provide maintenance, construction and modification (MCM) services for Sapura Energy Bhd's oil and gas fields offshore Peninsular Malaysia.
Its wholly-owned subsidiary PBJV Group Sdn Bhd won the contract from Sapura Exploration and Production Inc to provide the services from 2018 to 2023, said Barakah in a filing with the stock exchange today.
The contract, which is effective July 11, has no fixed value and will be based on work orders, which will be issued by the client from time to time during the duration of the contract, said Barakah.
The group expects positive contribution from the contract towards the earnings and net assets per share of the group for the duration of the contract.
"We are pleased to have secured these MCM contracts. These contracts are expected to contribute positively to the group's bottom line and replenish our orderbook, while keeping us occupied for the next five years," Barakah's chief executive officer Nik Hamdan Daud said in a separate statement.
"Moving forward, we believe 2019 will be an exciting year for us as more oil and gas projects are expected to come on stream following a recovery in the sector," he added.
Barakah's share price rose 1.5 sen or 10% to close at 16.5 sen today, for a market capitalisation of RM136.36 million.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
victory015
341 posts
Posted by victory015 > 2018-08-01 13:15 | Report Abuse
barakah win new contract, still no power