Decommissining Contract for Barakah Offshore Petroleum
Tuesday 20 June 2017
INTRODUCTION
Barakah Offshore Petroleum Berhad ("Barakah" or the "Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd ("PBJV"), has received the Letter of Award from Samling Resources Sdn Bhd for the Provision of Well Intervention Vessel, Support Vessel and Services for Abandonment and Decommissioning of Chinguetti and Banda Field, Mauritania ("Contract").
INFORMATION ON THE CONTRACT
The Chinguetti field is located in Deep Water, approximately 80km west of the coastline and approximately 90km from the Mauritanian capital, Nouakchott, Mauritania. The project involves temporary plugging of 15 wells. The Contract is for the provision of Well Intervention Vessel ("WIV"), Platform Supply Vessel, and all necessary parts, spares, repairs, refurbishments and/or modifications to the WIV and all coordination, technical support and supervisory works in relation thereto.
The Contract is projected to commence in June 2017.
FINANCIAL EFFECTS
The value of the Contract for PBJV based on its work scope is estimated at USD14.28 million. It is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the duration of the Contract.