Dayang Enterprise gets another two pan-Malaysia services contracts

KUALA LUMPUR (Nov 13): Dayang Enterprise Bhd (KL:DAYANG) has secured two more contracts to provide pan-Malaysia services to the national oil and gas company Petronas and its production sharing contractors.

The contracts involve offshore maintenance, construction, and modification (MCM) as well as hook-up and commissioning (HUC) services for Package A3 for the Sarawak asset (SKA Oil) and Package A5 for the Sabah asset (SBA Southern), according to Dayang's bourse filing on Wednesday.

The values of the contracts were not specified. Dayang said both contracts will last five years effective from Sept 27, 2024 and come with options to extend for an additional three years and subsequently another two years.

The award follows Dayang's first pan Malaysia contract announced earlier this month. The Edge reported in the Oct 14-20, 2024 issue that Dayang could win up to three packages of MCM and HUC contracts.

Altogether, there were jobs worth up to RM10 billion up for grabs.

The value of the latest contracts will be based on work orders to be issued, which would cover provision of manpower, tools and equipment, materials, consumables, and other related services, Dayang said on Wednesday.

Shares of share price closed down four sen or 1.8% at RM2.18 ahead of the announcement. At its last price, the company has a market capitalisation of RM2.52 billion.