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BackDec 15, 2014
Type Announcement
Subject OTHERS
Description AWARD OF CONTRACT FOR THE PROVISION OF BROWNFIELD MAJOR MODIFICATION WORK FOR BARDEGG-2 AND BARONIA EOR DEVELOPMENT PROJECT ("CONTRACT") FROM 2014 (SKO) BY PETRONAS CARIGALI SDN BHD

INTRODUCTION

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.
VALUE AND DURATION OF THE CONTRACT
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
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.
FINANCIAL EFFECTS
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.
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.
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 15 December 2014.

 


Announcement Info

Company Name DAYANG ENTERPRISE HOLDINGS BERHAD  
Stock Name DAYANG    
Date Announced 15 Dec 2014  
Category General Announcement
Reference No DE-141127-35719

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