KUALA LUMPUR (Feb 16): Barakah Offshore Petroleum Bhd has clinched a RM19.1 million subcontract from Petronas Floating LNG 1 (L) Ltd (PFLNG) for offshore works at the latter's floating liquefied natural gas (LNG) plant to be located offshore Sarawak or Sabah.

In a filing with Bursa Malaysia, Barakah said the contract offered to its wholly owned subsidiary PBJV Group Sdn Bhd is Package 3 of PFLNG's development of the LNG plant involving the provision of engineering, procurement, installation and related activities.

The oil and gas company said upon completion, the floating LNG plant has a rated capacity of 1.2 tonne per annum.

It said the contract is expected to contribute positively towards Barakah's earnings and net assets per share for the duration of the contract from December 2015 to October 2016.

Last month, Barakah said PBJV Group was awarded a contract to install two gas pipelines under the Petronas Carigali-operated Baram Delta Gas Gathering Project 2 (Bardegg 2) and Baronia enhanced oil recovery project offshore Miri, Sarawak.

The two pipelines were the 43km Bardegg and Baronia pipeline from the TTJT-A wellhead platform to the Baronia B central processing platform, with a tentative installation date of March 2016, and the 125km Bardegg and Baronia pipeline from DNCPP-B to the E11RC platform, with a tentative installation date of May 2016.

Barakah shares closed half a sen or 0.68% lower today at 73 sen, with a market capitalisation of RM601.86 million.