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 an extension for the Scope expansion to cover Sarawak Gas (SK Gas) Area under Contract Amendment for the Provision of Offshore Maintenance, Construction and Modification (MCM) Services for PCSB, a wholly-owned subsidiary of PETRONAS.  

2. VALUE AND DURATION OF THE CONTRACT

The value of the Contract will be based on work orders issued by PCSB throughout the contract duration. The contract extension duration is one (1) year, effective from 1st January 2024 until 31st December 2024. 

3. RISK FACTORS

Risk factors affecting the Contract include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in economic and regulatory conditions. DESB shall ensure strict compliance with 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 to the earnings of DEHB over the duration of the Contract.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors, major shareholders and/or persons connected to them 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 announcement is dated 22th January 2024