KUALA LUMPUR (July 13): Dayang Enterprise Holdings Bhd’s contract to provide upstream oil and gas (O&G) support services to Roc Oil (Sarawak) Sdn Bhd has been extended by almost 1½ years.

In a bourse filing on Thursday (July 13), Dayang Enterprise said its wholly-owned subsidiary Dayang Enterprise Sdn Bhd’s contract to provide procurement, construction, installation, hook-up and commissioning services for Roc Oil (Sarawak)’s Siprod/Infill Drilling Campaign (2019–2023) has been extended by 17 and a half months — effective from July 17, 2023 till Dec 31, 2024.

Dayang Enterprise noted that the value of the contract is based on work orders issued by Roc Oil (Sarawak) throughout the contract duration.

According to a bourse filing dated May 24, 2019, the initial tenure of the contract spanned four years from May 13, 2019, to July 16, 2023 — with an option to extend for a further one-year period.

Roc Oil (Sarawak) is a unit of Australia-based upstream O&G company Roc Oil Co Pty Ltd.

For the first quarter ended March 31, 2023 (1QFY2023), Dayang Enterprise fell into the red with a net loss of RM15.95 million versus a net profit of RM13.76 million a year earlier, as its revenue declined 29.8% to RM112.42 million from RM160.14 million previously.

Shares in Dayang Enterprise closed two sen or 1.47% higher at RM1.38, giving the group a market capitalisation of RM1.6 billion.

Read also:
Dayang bags four-year contract from Roc Oil Sarawak