KUALA LUMPUR, Feb 9 — Shares of Barakah Offshore Petroleum Bhd, which recently secured a new contract from Petronas Carigali Sdn Bhd, was among the most actively traded on Bursa Malaysia this morning, rising five sen to RM1.02 as at 9.31am.

A total of 5.127 million lots changed hands.

On Friday, Barakah Offshore’s unit, PBJV Group Sdn Bhd, was reported to have secured a contract for the engineering, procurement, fabrication, installation, commissioning and maintenance works of a pig trap system in Peninsular Malaysia, and Sabah and Sarawak.

The contract duration is from Jan 23, 2015 to Jan 22, 2018 with an extension option of one year.

Kenanga Research said it was positive with the contract as it showed the ability of Barakah in securing new contracts.

“We understand that the estimated contract value is approximately    RM30 million per annum with with an earnings before interest, taxes, depreciation andamortisation (EBITDA) margin of 20 per cent, which is in-line with the group’s blended EBITDA margin.

“This new win lifts Barakah’s order book to RM2.1 billion, which provides earnings visibility for the next three years,” it said.

The research house maintained its “outperform” rating on Barakah Offshore with a target price of RM1.34. — Bernama