1. INTRODUCTION

The Board of Directors of Dayang Enterprise Holdings Bhd (" Dayang") or ("the Company") is pleased to announce that its wholly-owned subsidiary, Dayang Enterprise Sdn Bhd ("DESB"), has been awarded a contract on 20 September 2017 from PETRONAS Carigali Sdn Bhd ("PETRONAS Carigali") for Provision of Maintenance, Construction and Modification (MCM) Services Package A (Offshore) - Sarawak Oil ("the Contract").  

2. VALUE AND DURATION OF CONTRACT

The contract duration will be for a primary period of five (5) years with one (1) year extension option effective 20 September 2017 and will expire on 19 September 2022 at an agreed fixed schedule of rates.

The details of the scope of work in relation to the Contract will be addressed in a work order which will be issued by PETRONAS Carigali and shall include any or all other work or services which is generally related to Topside Structural Maintenance, Workover Preparation and Facilities Improvement Project.

3. FINANCIAL EFFECTS

The Contract will have no effect on the Issued and Paid-up Capital of the Company and is expected to contribute positively towards the earnings and net assets of the Company for the duration of the Contract.

4. 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 track 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.

5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders and/or persons connected with them have any direct or indirect interest in the Contract.

6. DIRECTORS' STATEMENT

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

This announcement is dated 29 September 2017.