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KUALA LUMPUR (Jan 16): Barakah Offshore Petroleum Bhd’s unit has won a five-year contract to service Petrofac (Malaysia-PM304) Ltd’s oil and gas fields offshore peninsular Malaysia.

In an exchange filing today, the group said the contract, awarded to its wholly-owned subsidiary PBJV Group Sdn Bhd for the years 2018 to 2023, includes Pan Malaysian maintenance, construction and modification works for structures and facilities for the client’s oil and gas fields.

The contract's total value 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 contract duration, which is effective for five years from July 17, 2018.

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Barakah expects the contract to contribute positively to its earnings and net assets during the period.

Yesterday, the debt-laden company announced it was still negotiating an amicable debt settlement proposal with its lenders and creditors.

That statement came after Kuala Lumpur High Court's order to restraint any proceedings and actions by the lenders against Barakah and PBJV expired on Monday. The restraining order was obtained on Oct 12 last year.

Shares in the Main Market-listed group slid half a sen lower to close at 5.5 sen today, giving the oil and gas service provider a market capitalisation of RM45.97 million.

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