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 for the Provision of Rectification Works and Associated Services for Asset Integrity Findings (AIF) – Package A – Sarawak Oil Asset (SK Oil) from PETRONAS Carigali Sdn Bhd (PETRONAS Carigali).

2. VALUE AND DURATION OF THE CONTRACT

The value of the Contract will be based on work orders to be issued by PETRONAS Carigali throughout the contract duration and shall include any or all other work and services which is generally related to the scope of works in this contract at a fixed schedule of rates as provided in the Contract.

The duration of the Contract is effective from 15 December 2023 with the duration of three (3) years.

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 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 4 Jan 2024.