Dayang bags RM280m brownfield modification work contract

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KUALA LUMPUR (Dec 15): Dayang Enterprise Holdings Bhd said its wholly owned unit Dayang Enterprise Sdn Bhd has won a RM280 million contract for the provision of major modification works for the Baram Delta Gas Gathering Project 2 (Bardegg-2) and Baronia enhanced oil recovery (EOR) development project just off the shore of Sarawak.

According to its statement to the exchange, the contract was awarded by Petronas Carigali Sdn Bhd on Nov 26 this year.

The contract will be for 36 months, from Dec 2 to Dec 1, 2017, or until the completion of works.

"The contract is expected to contribute positively to the earnings and net assets per share of the Dayang group for the duration of the contract," said the company.

Dayang closed 15 sen or 5.98% lower today at RM2.36, bringing its market capitalisation to RM2.08 billion.