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BackJun 04, 2015
Type Announcement
Subject OTHERS
Description
AWARD OF CONTRACT FOR THE PROVISION OF FACILITIES IMPROVEMENT PROJECT (FIP) FOR PETRONAS CARIGALI SDN BHD - PACKAGE A: SARAWAK OPERATIONS (SKO) OFFSHORE AND SABAH OPERATIONS (SBO) OFFSHORE ("CONTRACT") BY PETRONAS CARIGALI SDN BHD

1. INTRODUCTION

Dayang Enterprise Holdings Bhd ("Dayang" or "the Company") is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd, has been awarded by PETRONAS Carigali Sdn Bhd ("PCSB") with a contract for the Provision of Facilities Improvement Project (FIP) for Petronas Carigali Sdn Bhd -Package A: Sarawak Operations (SKO) Offshore and Sabah Operations (SBO) Offshore ("Contract") on 26 May 2015.

The contract shall be performed on a call-out basis and shall include any or all other work and services which is related to modification or upgrading including working under SIMOPS, Hook-up and Commissioning and Major construction work.

2. VALUE AND DURATION OF THE CONTRACT

The Contract is valued at approximately RM250.0 million. The duration of the Contract is for a primary period of two (2)  years effective 8 June 2015 and shall expire on 7 June 2017.

3. RISK FACTORS

Risks 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, Dayang Enterprise Sdn Bhd  has established its track record and expertise to undertake these projects. Notwithstanding this, Dayang Enterprise Sdn Bhd shall ensure strict compliance to the safety and operational procedures in the execution of contract requirements.

4. FINANCIAL EFFECTS

The Contract will have no effect on the issued and paid-up share capital of the Company and is expected to contribute positively towards the earnings and net assets per share of Dayang Group.

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 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 4 June 2015.

 


Announcement Info

Company Name DAYANG ENTERPRISE HOLDINGS BERHAD
Stock Name DAYANG
Date Announced 04 Jun 2015
Category General Announcement for PLC
Reference Number GA1-28052015-00003