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 of contract amendment and contract extension for the Provision of Procurement, Construction, Installation, Hook-up and Commissioning Services for ROC Oil Siprod/Infill Drilling Campaign (2019 – 2023) from ROC Oil (Sarawak) Sdn Bhd (“ROC”).

2. VALUE AND DURATION OF THE CONTRACT

The value of the Contract is based on work orders issued by ROC throughout the contract duration. The contract extension duration is approximately one (1) year five (5) months and fifteen (15) days effective from 17th July 2023 until 31st December 2024.

3.  RISK FACTORS

Risk factors affecting the Contract 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 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 is in the best interest of the Company.

The announcement is dated 13 July 2023.