Barakah's share price rise 8% on news of contract extension

PETALING JAYA: Barakah Offshore Petroleum Bhd’s share price rose 8% this morning on news of its gas pipeline contract being extended.
At 11.22am, its share price was 8% or 1 sen higher at 13.5 sen with 44.30 million shares traded, making it one of the most actively traded stock this morning.
Yesterday, the group said its gas pipeline contract from Petronas Gas Bhd has been extended for a year till Nov 30. The contract is for the provision of repair and maintenance of the Sabah Sarawak Gas Pipeline.
The value of the contract will depend on the number of work programmes to be carried out based on unit rates specified in the contract.
Barakah received the contract in December 2015 for a period of two years from Dec 1, 2015 till Nov 30, 2017.