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BackJan 16, 2012
Date Announced
:
16/01/2012  



Type
:
Announcement
Subject
:
OTHERS

Description
:
NOTICE OF CONTRACT EXTENSION FROM NAUTIKA SDN BHD ("NAUTIKA") FOR THE TIME CHARTER OF WORKBOAT - DAYANG ZAMRUD FOR WELL RESERVOIR MANAGEMENT

Announcement Details/Table Section :

 

Dayang Enterprise Holdings Bhd ("Dayang" or "The Company") is pleased to announce that its wholly-owned subsidiary, DESB Marine Services Sdn Bhd ("DESB Marine") has received a letter of award dated 13 January 2012 from Nautika Sdn Bhd ("Nautika") for the extension of Time Charter of its Workboat - Dayang Zamrud for Well Reservoir Management to Brunei Shell Petroleum Company Sdn Bhd.

The contract extension shall be effective 01 March 2012 until 31 October 2016 and the contract value is approximately RM85.0 million over the duration of the contract.

EFFECTS OF THE CONTRACT EXTENSION

The effects of the Contract Extension on Dayang Group are set out as below :

(a) Share Capital and Substantial Shareholdings

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

(b) Earnings, Net Assets and Gearing

The Contract extension is expected to contribute positively to the earnings and net assets of Dayang Group for the financial year ending 31 December 2012 and the subsequent financial periods within the duration of the Contract Extension.

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

RISKS IN RELATION TO THE CONTRACT

There are no significant risks involved in fulfilling the contract obligation.

DIRECTORS AND MAJOR SHAREHOLDERS INTEREST

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

This announcement is dated 16 January 2012. 


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