Dayang Enterprise gets RM250 mil contract from Petronas Carigali

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KUALA LUMPUR (June 4): Dayang Enterprise Holdings Bhd’s wholly owned subsidiary Dayang Enterprise Sdn Bhd has been awarded a two-year contract for the Provision of Facilities Improvement Project (FIP) by Petronas Carigali Sdn Bhd worth approximately RM250 million last Friday.

In a filing to Bursa Malaysia today, Dayang Enterprise said that the FIP contract is for Petronas Carigali’s Sarawak Operations (SKO) Offshore and Sabah Operations (SBO) Offshore.

The contract shall be performed on a call-out basis and shall include any or all other work and services which are related to modification or upgrading, including working under simultaneous operations, hook-up and commissioning, and major construction work.

The duration of the contract effectively begins on June 8, 2015 and will expire on June 7, 2017.

The group added that the acceptance of the contract is in its best interest, and expects it to contribute positively towards its earnings and net assets.

Dayang Enterprise (fundamental: 2.7; valuation: 2.1) closed 1.22% or three sen higher at RM2.48, for a market capitalisation of RM2.17 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)