KUALA LUMPUR (April 10): Barakah Offshore Petroleum Bhd’s wholly-owned subsidiary PBJV Group Sdn Bhd has had its suspension lifted by Petroliam Nasional Bhd (Petronas) after a period of more than two years.

In a filing with Bursa Malaysia on Monday (April 10), the company said PBJV had on April 6 received a notification from Petronas, which stated that the latter had decided to uplift the suspension imposed against PBJV for its Petronas licence.  

“Following the upliftment, any licence renewal application by PBJV is subject to assessment and consideration in accordance with the Petronas’ licensing and registration requirements,” the company said.

Barakah Offshore added that it will take all the necessary steps towards the licence renewal.

On July 9, 2019, Barakah Offshore announced that PBJV's licence had been suspended by Petronas for a period of three years due to non-performance of PBJV in relation to the contract relating to provision of underwater services for Petronas Carigali Sdn Bhd.

Following the suspension, PBJV was not to be awarded any new contract by Petronas, its subsidiaries, or any petroleum arrangement contractors (PACs) during the suspension period.

PBJV was also not allowed to bid for new projects undertaken by Petronas including its subsidiaries and any PACs during the suspension period.  

Shares of Barakah Offshore closed unchanged at five sen per piece on Monday, giving it a market capitalisation of RM50.15 million.