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BackFeb 14, 2012
Date Announced
:
14/02/2012  



Type
:
Announcement
Subject
:
OTHERS

Description
:
AWARD OF CONTRACT FROM TALISMAN MALAYSIA LIMITED FOR THE PROVISION OF TOPSIDE GENERAL MAINTENANCE

Announcement Details/Table Section :

 

Dayang Enterprise Holdings Bhd ("DEHB" or "the Company") is pleased to announce that Dayang Enterprise Sdn Bhd ("DESB"), a wholly-owned subsidiary of DEHB, has on 10 February 2012 received an award of contract from Talisman Malaysia Limited ("Talisman") for the Provision of Topside General Maintenance .

The Contract value is estimated to be approximately RM125.0 million and the duration of the contract is for a primary period of three years with the option of an extension for two years of one year each.

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 2012 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' INTERESTS

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 14 February 2012.


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