CEO Morning Brief

SapuraOMV Extends Dayang's maintenance Contract to End-2024

Publish date: Fri, 22 Sep 2023, 08:58 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Sept 21): Dayang Enterprise Holdings Bhd’s Pan Malaysia contract from SapuraOMV Upstream (Sarawak) Inc to provide maintenance, construction and modification services for 2018 to 2023 — Package C (East Malaysia) — has been extended until Dec 31, 2024.

In a bourse filing on Thursday, the integrated oil and gas service provider said the company’s wholly-owned subsidiary Dayang Enterprise Sdn Bhd was awarded an extension of one year, five months and 21 days, effective from July 2023.

The company also noted that the extension was accompanied by a contract amendment, but did not disclose any details of the said amendment.

Dayang Enterprise did not place a value on the extension, as it noted that it will be based on work orders issued by SapuraOMV during the extended period.

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

Shares in Dayang Enterprise ended one sen or 0.52% higher at RM1.92, giving the company a market capitalisation of RM2.22 billion.

Source: TheEdge - 22 Sep 2023

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