KUCHING: Barakah Offshore Petroleum Bhd (Barakah Offshore) has secured a contract worth approximately RM20 million.
The oil and gas (O&G) company in a filing to Bursa Malaysia yesterday said its wholly-owned subsidiary PBJV Group Sdn Bhd has received a letter of award from Murphy Sabah Oil Co Ltd and Murphy Sarawak Oil Co Ltd.
Barakah Offshore noted the contract was for the provision of production riser tensioner overhaul, maintenance and upgrade for Murphy’s production operations.
The company added the contract involves the overhaul of Kikeh’s dry tree unit (DTU) to like new condition and the modification and improvement of production riser tensioner (PRT) to extend the service life.
Barakah Offshore observed that the Kikeh production and drilling riser tensioner (PRT&DRT) system is a critical component of single point anchor reservoir (SPAR) or DTU.
The PRT&DRT are vital in maintaining the stability of SPAR and wellhead riser.
Additionally, Barakah Offshore disclosed that the value of the contract is around RM20 million for a duration of two years with an option for extension of one year from expected commencement in December 2016.
Barakah Offshore believed the contract is expected to contribute positively towards the earnings and net assets per share of the group for the duration of the contract.