KUALA LUMPUR (Jan 30): Dayang Enterprise Holdings Bhd has been awarded a contract amendment and extension for the provision of maintenance construction and modification for PM8E Seligi oilfields from EnQuest Petroleum Production Malaysia Ltd.

The contract has been extended for approximately one year and five months until Dec 31, 2024, Dayang said in a filing to Bursa Malaysia on Tuesday.

Dayang said its wholly-owned unit Dayang Enterprise Sdn Bhd (DESB) has agreed on an amendment and extension for the PM8E Seligi contract with EnQuest. It said the value of the contract extension is based on any work orders issued by EnQuest throughout the contract extension period.

“The contract will have no effect on the issued capital of the company and is expected to contribute to the earnings of Dayang over the duration of the contract,” it added.

DESB secured the contract for the PM8E Seligi oilfields, located 240km offshore Peninsular Malaysia in June 2022. The initial contract period was from May 23, 2022, to July 12, 2023.

Dayang, which has risen over 18% this year, finished unchanged at RM1.89 on Tuesday. At the closing price, the group is valued at RM2.19 billion.