EnQuest Sends Arbitration Notice to Barakah Offshore

March 28, 2022

Dateline 2022-02-08, Offshore Engineer:

Oil company EnQuest has sent a notice of arbitration to the Malaysian offshore oilfields services firm Barakah Offshore Petroleum regarding a dispute in which an adjudication decision was made in January ordering EnQuest to pay around $17,1 million, plus interest to Barakah’s subsidiary PBJV.

Barakah Offshore’s subsidiary PBJV had in September 2021 filed an adjudication claim against EnQuest in Malaysia seeking around RM73,5 million plus interest for works done and/or services rendered for the Outstanding Sum up until the year 2020 under a letter of the award signed in July 2018, were PBJV was engaged by EnQuest as the contractor for the execution of the “Provision of Pan Malaysia Maintenance, Construction and Modification (“PM-MCM”) Contract.”

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Posted by Wata

EnQuest ordered to pay Malaysian contractor $17.1 million

March 6, 2022

Dateline 2022-01-04, Upstream:

UK company EnQuest has been ordered to pay Malaysian contractor Barakah Offshore Petroleum nearly 71.6 million ringgit ($17.1 million) following an adjudication claim over offshore works.

Barakah launched legal action against EnQuest’s Malaysian subsidiary last year in relation to work carried out by Barakah under a 2018 letter of award for the provision of the Pan Malaysia Maintenance, Construction & Modification (PM-MCM) contract EN17051.

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Posted by Wata

Barakah gets RM260m gas project

June 17, 2014

Dateline 2014-04-24, FMT:

 Barakah Offshore Petroleum Bhd has won a RM260 million contract from Petronas Gas Bhd (PetGas) for the procurement, construction and commissioning (PCC) of the Pengerang gas pipeline.

The project is undertaken by PetGas as part of the expansion of the Peninsular gas utilisation pipeline network to Pengerang Integrated Complex, Johor.

The project is awarded to Barakah’s subsidiary PBJV Group Sdn Bhd in a 50:50 consortium with CPM Construction Sdn Bhd, a subsidiary of Indonesian company PT Citra Panji Manunggal, according to both Barakah and PGB in separate exchange filings on Tuesday.

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Posted by Wata

Barakah shares trade like ‘HOT CAKES’ on listing debut

January 1, 2014

Is hot cakes an euphemism? Dateline 2013-11-07, Malaysia Chronicle:

Barakah Offshore Petroleum Bhd, which took over the listing status of Vastalux Energy Bhd, saw its shares traded like hot cakes as investors bet that the company will win more oil and gas jobs in the near future.

The stock opened on Bursa Malaysia’s Main Market at 98 sen, a hefty 44.5-sen premium to its 53.5 sen reverse takeover price of Vastalux. The loan stocks, Barakah-LA, opened at 80.5 sen, up 27 sen from its offer price of 53.5 sen.

The mother shares were heavily traded throughout the day, ending at RM1 a share, while the loan stock closed at 62 sen.

Investors were betting that Barakah could be the stellar new stock on the Bursa this year, following in the footsteps of Datasonic Bhd.

Datasonic, which begun trading on the Bursa in September 2012, has seen its stock price triple in value over a 12-month period. It stock closed at RM6.44 yesterday, a steep rise from its RM2 IPO price.

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Posted by Wata