Barakah Offshore revival scuttled by Petronas licence suspension
Malaysia-focused offshore services company finally admits it would be challenging to implement its rehabilitation plan with the constraint. This also suggests its strategy of attempting to diversify into the Middle East market through a strategic alliance with Vallianz is not yielding good results
The agreement with white knight Lecca Group to pump in $9.7m and buy pipelaying barge Kota Laksamana 101 for $21m was terminated as a result of the move
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