Daya Materials Bhd has secured a contract from Petronas Carigali Sdn Bhd for the provision of integrated production chemicals supply and services.
The contract is worth an estimated RM67 million.
In a filing with Bursa Malaysia, Daya Materials said its 67%-owned subsidiary Daya Secadyme Sdn Bhd was awarded the contract for SK Oil — Miri Waters with a tenure of five years effective Dec 11. The contract comes with a one-year extension option.
The group said the details of the works involved will be addressed in a work order from time to time when supply of integrated production chemicals and services are required.
Daya Materials group chief executive officer Datuk Lim Thean Shiang said the contract has raised the group’s outstanding order book to RM608 million.
“This long awaited award will elevate us to the next level in the production chemicals industry in Malaysia,” said Lim.
“We believe that this is yet another step in the right direction for Daya Materials as we leverage on our strong franchise to capitalise on the expected recovery of the oil and gas sector, as well as continue to focus our resources on our more profitable businesses within the group in order to return Daya Materials to profitability.
“We are working tirelessly to drive earnings growth by successfully executing the various contracts in our orderbook,” he added.
Daya Materials’ share price closed unchanged at seven sen today, giving a market capitalisation of RM143.01 million.