Dayang Enterprise Holdings Bhd ("Dayang" or "the Company") is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd ("DESB"), has been awarded by Petronas Carigali Sdn Bhd ("PCSB") a contract for the Provision of Brownfield Major Modification Work for Bardegg-2 and Baronia EOR Development Project on 26 November 2014. The Contract comprises major modification work for Bardegg-2 and Baronia EOR development offshore Sarawak.

The Contract is valued at approximately RM280.0 million. The duration of the Contract is for approximately 36 months effective from 02 December 2014 until 01 December 2017 or until completion of works. 

Risk factors affecting the award include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in political, economic and regulatory conditions. Throughout the years, DESB has established its tract record and expertise to undertake these projects. Notwithstanding this, DESB shall ensure strict compliance to the safety and operational procedures in the execution of contract requirements.

The Contract will have no effect on the issued and paid-up capital of the Company 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 the Dayang Group for the duration of the Contract.

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.

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 15 December 2014.