Barakah’s unit forms consortium to bid for O&G projects in Sarawak

KUALA LUMPUR: Barakah Offshore Petroleum Bhd’s unit, PBJV Group Sdn Bhd has entered into a Consortium Agreement with Brooke Dockyard and Engineering Works Corporation and Samling Energy Sdn Bhd to jointly bid for oil and gas related projects in Sarawak.

Upon successful award of contracts, the parties will enter into a specific project consortium agreement to execute the respective contract and determine the scope of work of each party based on their respective capability and resources, said Barakah in a filing to Bursa Malaysia here yesterday.

“The Consortium Agreement is expected to enable the parties to put together competitive integrated service offerings by combining each party’s capability and resources,” it said.

Brooke Dockyard is a leading marine engineering and fabrication company involved in the engineering, procurement, construction and commissioning ( EPCC) of offshore oil and gas platforms, shipbuilding and ship repair, bridges, infrastructure, and onshore manufacturing.

Meanwhile, Samling Energy has significant investments in the oil and gas sector, including offshore support vessels and shipyard, and has expertise that include transport and installation, decommissioning, drilling, pipeline services, vessels construction, conversion, and repair.

Samling Energy, which has 13.5 per cent equity interest in Barakah, said the agreement is not expected to have immediate financial effect on the Group’s earnings per share and net assets per share.

However, potential projects that may be secured through it are expected to contribute positively to the future earnings and net assets of the Group. — Bernama