KUALA LUMPUR (June 8): Dayang Enterprise Holdings Bhd’s (DEHB) unit was awarded a contract for the provision of integrated hook-up and commissioning (iHUC) services from a unit of Petroliam Nasional Bhd (Petronas).

DEHB announced that the contract by Petronas’s wholly owned subsidiary Petronas Research Sdn Bhd to its wholly owned unit Dayang Enterprise Sdn Bhd (DESB) is effective for one year from Feb 22, with an option to extend for another one year.

“The value of the contract is based on work orders issued by Petronas Research throughout the contract duration,” DEHB wrote in a bourse filing on Thursday (June 8), adding that it is expected to contribute to earnings of DEHB over the duration of the contract.

It stated that risk factors affecting the contract include execution risks, such as the availability of skilled manpower and materials, changes in prices of materials, as well as changes in political, economic and regulatory conditions.

“DESB shall ensure strict compliance with the safety and operational procedures in the execution of the contract requirements,” DEHB added.

DEHB closed unchanged at RM1.16 a share on Thursday, valuing the group at RM1.34 billion.