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Barakah Offshore Petroleum to shore up capital


Job flows for its other operations have picked up as oilfield operators gear up for growth following higher crude oil prices, according to its president and chief executive officer Nik Hamdan Daud (pic).

Job flows for its other operations have picked up as oilfield operators gear up for growth following higher crude oil prices, according to its president and chief executive officer Nik Hamdan Daud (pic).

PETALING JAYA: Barakah Offshore Petroleum Bhd , which is facing a depleting cash pile, is mulling among other options a potential private placement to shore up its capital.

Its cash balance stood at RM18mil as at the second quarter ended June 30 (2Q18) from RM29mil in 2Q17 because its main vessel Kota Laksamana 101 (KL101) remained off-hire.

KL101 is a shallow water pipelay barge, built in 2012 for RM300mil.

It is the company’s single largest cost component.

For now, the principal repayment for the vessel has been deferred until the end of the year.

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Oil & Gas , Corporate News , barakah