Barakah Offshore Petroleum Bhd’s 2015 contract from Petronas Gas Bhd was extended to Nov 30 this year with RM133 million of works expected to be executed this year.
In an exchange filing yesterday, the offshore oil and gas service provider noted it initially secured the contract on Dec 8, 2015 via its wholly-owned unit PBJV Group Sdn Bhd for the repair and maintenance of the Sabah Sarawak Gas Pipeline.
The contract had expired on Nov 30, 2017, but had a one year renewal option which was trigger.
Barakah added the value of the contract renewal is contingent on the amount of works carried out on the 512km liquefied natural gas pipeline in Bintulu.
Year to date, it has received RM133 million worth of work contracts which will be executed within this year.