1. INTRODUCTION

The Board of Directors of Dayang Enterprise Holdings Bhd (“DEHB” or “the Company”) is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd (“DESB”), has been awarded a contract amendment and extension for the Provision of Offshore Maintenance, Construction and Modification (MCM) Services from PETRONAS Carigali Sdn Bhd (PCSB).

2. VALUE AND DURATION OF THE CONTRACT

The value of the Contract is based on work orders issued by PETRONAS Carigali Sdn Bhd (PCSB) throughout the extended contract duration effective from 20 September 2022 until 31 December 2023.

3. RISK FACTORS

Risk factors affecting the Contract Amendment and Extension include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in political, economic and regulatory conditions. DESB shall ensure strict compliance with the safety and operational procedures in the execution of contract requirements.

4. FINANCIAL EFFECTS

The Contract Amendment and Extension will have no effect on the issued capital of the Company and is expected to contribute to the earnings of DEHB over the duration of the Contract.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors, major shareholders and/or persons connected to them has any direct or indirect interest in the Contract.

6. DIRECTORS’ STATEMENT

The Board of Directors of the Company is of the opinion that the acceptance of the Contract Amendment and Extension is in the best interest of the Company.

This announcement is dated 20th October 2022