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BackMay 21, 2013
Type Announcement
Subject OTHERS
Description AWARD OF CONTRACT FROM SARAWAK SHELL BERHAD/SABAH SHELL PETROLEUM COMPANY LIMITED FOR THE PROVISION OF HOOK-UP, COMMISSIONING AND TOPSIDE MAINTENANCE SERVICES
INTRODUCTION

Dayang Enterprise Holdings Bhd ("Dayang" or "the Company") is pleased to announce that Dayang Enterprise Sdn Bhd ("DESB"), a wholly-owned subsidiary of Dayang, has received a letter of award dated 13 May 2013 from Sarawak Shell Berhad ("SSB")/Sabah Shell Petroleum Company Limited ("SSPC") for the Provision of Hook-Up, Commissioning and Topside Maintenance Services for SSB/SSPC.

The Contract value is estimated to be slightly more than RM2.0 billion. The duration of the Contract is for a primary period of five (5) years with an extension option of one (1) year.

FINANCIAL EFFECTS

The Contract will not have any effect on the Company's issued and paid-up share capital and the shareholdings of the Company's substantial shareholders.

The Contract is expected to contribute positively to the earnings and net assets per share of Dayang Group for the duration of the Contract.

RISK FACTORS

The risks associated with the Contract are mainly the normal operational and financial risks encountered by Dayang Group. The Company has considered the contractual performance and financial risks and after due analysis, the Company is of the view that the likelihood and impact of these risks are considered manageable and within acceptable level.

DIRECTORS' AND 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 on the Contract.

DIRECTORS' STATEMENT

The Board of Directors of Dayang is of the opinion that the acceptance of the Contract is in the best interest of the Company.

This announcement is dated 21 May 2013.

 


Announcement Info

Company Name DAYANG ENTERPRISE HOLDINGS BERHAD  
Stock Name DAYANG    
Date Announced 21 May 2013  
Category General Announcement
Reference No DE-130422-41966