PETALING JAYA: Barakah Offshore Petroleum Bhd’s share price rose as much as 18.18% this morning after the company secured a five-year contract from Petrofac (Malaysia-PM304) Ltd.
The stock traded at a high of 6.5 sen during early trade, 1 sen higher than its last adjusted closing price of 5.5 sen. At midday, its share price stood at 6.5 sen with 12.71 million shares traded, making it one of the top 20 most active stocks on the bourse this morning.
Yesterday, the company said its wholly owned subsidiary PBJV Group Sdn Bhd clinched the contract from Petrofac for the provision of Pan Malaysia maintenance, construction and modification.
The contract duration is effective from July 17, 2018 until 2023. The scope of the contract will include maintenance, construction and modification work for structures and facilities for the client’s oil and gas fields offshore peninsular Malaysia.
