Dayang Enterprise Shares Up After Securing Two Petronas Carigali Contracts
KUALA LUMPUR, Nov 14 (Bernama) -- Dayang Enterprise Holdings Bhd (Dayang Enterprise) shares rose in early Bursa Malaysia trade today after securing two Petronas Carigali Sdn Bhd (PCSB) contracts.
At 10.13 am, the stock gained 13 sen to RM2.31, with 2.83 million shares traded.
On Wednesday, Dayang Enterprise, through its wholly owned subsidiary Dayang Enterprise Sdn Bhd, was awarded two contracts from PCSB to provide pan-Malaysia offshore services involving offshore maintenance, construction, modification, and hook-up services.
In a research note today, Public Investment Bank Bhd (PIBB) said the contract values were not specified as they would be based on call-out work orders.
“However, we estimate the combination of both contracts is approximately worth RM3 billion for the first five years,” it said.
PIBB said the contract secured is a testament to Dayang Enterprise’s prominent track record, readiness facility, and financial and manpower capacity to execute the contract.
“We believe its strong establishment in Sarawak is vital to ensure the operational efficiency in executing maintenance, construction, modification (MCM) and hook and commissioning (HUC) contracts in Sarawak.
“On this note, we also believe Dayang Enterprise would be the frontrunner for decommissioning work packages, especially in Sarawak, which is expected to be awarded in mid-2025/2026,” it added.
PIBB maintained its ‘outperform’ call for Dayang Enterprise, with a target price of RM4.65.
-- BERNAMA