PN17 O&G company for now
Barakah Offshore Petroleum Berhad is a Malaysian oil and gas services company that specializes in providing offshore oil and gas services, including pipeline installation, offshore transportation, installation of structures, and major maintenance work. The word "Barakah" has meaning in Arabic. It translates to "blessing" or "divine grace.
Founded in 2012, it operates through its subsidiary, PBJV Group Sdn Bhd, which offers engineering, procurement, construction, and commissioning (EPCC) services to clients in the offshore and onshore energy sectors. The company is listed on Bursa Malaysia and has established itself as a significant player in the industry with a focus on both infrastructure and operational support for offshore projects.
Do note company is in PN17 - Practice Note 17 after defaulting on payments to EXIM Bank for the vessel, that is why its share price is only 4 cents per unit today. The company is trying to get out of PN17 by selling assets but time will tell if the company can get out of PN17. PN17 (Practice Note 17) is a classification on the Bursa Malaysia stock exchange that applies to financially distressed companies.
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