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Award of Contract for The Provision Of Modification Works (umbrella Contract) for block B-17 & C-19 And Block B-17-01 For Carigali-Pttepi Operating Company Sdn. Bhd.

1. INTRODUCTION

The Board of Directors of Dayang Enterprise Holdings Bhd ("DEHB" or "the Company") is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd ("DESB"), has been awarded a contract by CARIGALI-PTTEPI Operating Company Sdn. Bhd. ("CPOC") for the Provision of Modification Works (Umbrella Contract) for Block B-17 & C-19 and B-17-01.

2. VALUE AND DURATION OF THE CONTRACT

The value of the Contract is based on work orders issued by CPOC throughout the Contract duration and shall include any or all other work and services which is generally related to the scope of works in this Contract at a fixed schedule of rates.

The duration of the Contract is effective from 30th January 2020 for a period of three (3) years with two (2) years extension option.

3. 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.

4. FINANCIAL EFFECTS

The Contract will have no effect on the issued capital of the Company and is expected to contribute positively to the earnings of DEHB over the duration of the Contract.

5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of the Company has 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 announcemment is dated 4 February 2020.

Announcement Info