Enquest Petroleum in Malaysia Awarded a Contract to Modify the PM8E Seligi

Source: www.gulfoilandgas.com 6/7/2022, Location: Asia

The Board of Directors of Dayang Enterprise Holdings Bhd (“DEHB”) is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd (“DESB”), has been awarded a contract for Provision of Maintenance, Construction and Modification (MCM) for PM8E Seligi from Enquest Petroleum Production Malaysia Ltd (“ENQUEST”).

- VALUE AND DURATION OF THE CONTRACT

The value of the Contract is based on work orders issued by ENQUEST throughout the Contract duration and shall include any or all other work and services which is generally related to the scope of works in this contract at a fixed schedule of rates.

The duration of the Contract is effective from 23 May 2022 until 12 July 2023.

- RISK FACTORS

Risk factors affecting the award include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in political, economic and regulatory conditions. Throughout the years, DESB has established its track record and expertise to undertake these projects. Notwithstanding this, DESB shall ensure strict compliance with the safety and operational procedures in the execution of contract requirements.

- FINANCIAL EFFECTS

The Contract will have no effect on the issued capital of the Company and is expected to contribute positively to the earnings of DEHB over the duration of the Contract.

- DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors, major shareholders and/or persons connected to them has any direct or indirect interest in the Contract.

- DIRECTORS’ STATEMENT

The Board of Directors of the Company is of the opinion that the acceptance of the Contract is in the best interest of the Company.


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