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Others: Letter Of Award From Petronas Carigali Sdn Bhd ("PCSB") For The Provision Of Topside Structural Maintenance (TSM) Services For Petronas Carigali Sdn Bhd - Sarawak, Sabah And Peninsular Malaysia Operations (Package 1)

BackFeb 10, 2011
Date Announced
:
10/02/2011  



Type
:
Announcement
Subject
:
OTHERS

Description
:
LETTER OF AWARD FROM PETRONAS CARIGALI SDN BHD ("PCSB") FOR THE PROVISION OF TOPSIDE STRUCTURAL MAINTENANCE (TSM) SERVICES FOR PETRONAS CARIGALI SDN BHD - SARAWAK, SABAH AND PENINSULAR MALAYSIA OPERATIONS (PACKAGE 1)

Announcement Details/Table Section :

 

INFORMATION

Dayang Enterprise Holdings Bhd ("DEHB" or "the Company") is pleased to announce that Dayang Enterprise Sdn Bhd ("DESB"), a wholly-owned subsidiary of DEHB, had, on 7 February 2011, received a Letter of Award from PCSB for the Provision of Topside Structural Maintenance (TSM) Services for Package 1 ("the Contract").

The Contract shall be effective from 2 February 2011 until 1 February 2016.

DESB estimates the total value of the Contract to be approximately RM802 million over the duration of the Contract. However, the Contract is a "call-up contract" made up of work orders, which will be awarded at the discretion of PCSB during the duration of the Contract and the values of the work orders are based on the Contract Schedule of Rates.

EFFECTS OF THE CONTRACT

The effects of the Contract on DEHB Group are set out as below:-

(a) Share Capital and Substantial Shareholdings

The Contract does not have any effect on the issued and paid-up share capital of DEHB or the shareholdings of DEHB's substantial shareholders.

(b) Earnings, Net Assets and Gearing

The Contract is expected to contribute positively to the earnings and net assets of DEHB Group for the financial year ending 31 December 2011 and the subsequent financial periods within the duration of the Contract.

The Contract is not expected to have any material effect on the gearing of DEHB Group for the duration of the Contract as funding for the Contract is expected to be internally generated.

RISKS IN RELATION TO THE CONTRACT

The risks in relation to the Contract are the normal operational business and financial risks encountered by DEHB Group. DEHB Group has considered the contractual performance and financial risks and after due analysis, DEHB Group is of the view that the likelihood and impact of these risks are considered manageable and within acceptable level.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors, major shareholders of DEHB or its subsidiaries and/or persons connected with them has any interest, direct or indirect in the Contract.

This announcement is dated 10 February 2011.