Malaysian offshore service provider Barakah Offshore Petroleum has won a five-year contract from Petrofac for work offshore Malaysia.
The five-year contract includes maintenance, construction and modification works for structures and facilities of Petrofac’s oil and gas fields in Malaysia. The value of the contract will depend on the actual work orders.
The company expects the contract to contribute positively to its earnings during the period.
Seperately, Barakah Offshore said it was still negotiating an amicable debt settlement proposal with its lenders and creditors, following the expiry of Kuala Lumpur High Court’s protection against any proceedings and actions by the lenders against Barakah and its subsidiaries.