This article first appeared in The Edge Financial Daily on June 20, 2017 - June 26, 2017
KUALA LUMPUR: Barakah Offshore Petroleum Bhd has bagged a US$14.28 million (RM61.12 million) contract from Samling Resources Sdn Bhd to supply a well intervention vessel, support vessel and services for abandonment and decommissioning of Chinguetti and Banda fields offshore Mauritania.
In a filing with Bursa Malaysia yesterday, Barakah said its wholly-owned subsidiary PBJV Group Sdn Bhd has received the letter of award from Samling Resources for the project, which is expected to commence this month.
The Chinguetti oilfield is located approximately 80km west of the coastline and 90km from Nouakchott, Mauritania. The project involves temporary plugging of 15 wells.
“The contract is for the provision of a well intervention vessel, a platform supply vessel, and all necessary parts, spares, repairs, refurbishment and/or modifications to the well intervention vessel and all coordination, technical support and supervisory works in relation thereto,” said Barakah.
Barakah said the contract is expected to contribute positively towards the group’s earnings and net assets per share for the duration of the contract.
Barakah shares closed down 0.5 sen or 0.85% to 58 sen yesterday, giving it a market capitalisation of RM474.69 million.