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Daya Materials subsidiary bags contract from Petronas Carigali

17/11/2020 03:42 PM

KUALA LUMOUR, Nov 17  -- Daya Materials Bhd’s subsidiary, Daya Maxflo Sdn Bhd, has received a letter of award from Petronas Carigali Sdn Bhd (PCSB) for the provision of downhole tools and services.

In a filing with Bursa Malaysia today, Daya Materials said the contract is to provide downhole imaging services which will be deployed on memory, real time or drill pipe conveyance system in both cased or open hole well for PCSB’s assets in Sabah and Sarawak and West Malaysia.

It said the contract, for a duration of five years until October 22, 2025, is on a “call-out” basis with work orders to be issued to Daya Maxflo from time to time when the services are required and at the discretion of PCSB based on the schedule of rates as set forth in the contract.

“Upon issuance of such specific work order, the company expects the contract to contribute positively to the future earnings of the company,” it added.




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