KUALA LUMPUR: Shares of Barakah Offshore Petroleum Bhd rose in early trade on Friday, after the company announced that it has secured a five-year contract from Hess Exploration and Production Malaysia BV.
The counter, one of the most active counters, rose 8.33%, or one sen to 13 sen with over 3.7 million shares done.
Barakah has secured a five-year contract to provide maintenance, construction and modification work for structures and facilities in oil and gas fields offshore Peninsular Malaysia.
The total value of the contract is not fixed and will depend on the actual scope agreed in work orders to be issued by the client from time to time throughout the duration of the contract, Barakah said.
The contract duration is for five years effective from July 17, 2018.