KUALA LUMPUR (March 5): Dagang NeXchange Bhd (DNeX) has secured a five-year Pan Malaysia Umbrella contract from Petronas Carigali Sdn Bhd for drilling works.
The contract, which was awarded to its 97.54%-owned unit DNEX Oilfield Services Sdn Bhd (DOS), is on a call out basis beginning from Jan 16 this year until Jan 15, 2025. "The contract price will depend on the work orders issued by Petronas Carigali throughout the contract duration," it said in a statement today.
The contract involves providing equipment and services for directional drilling, measurement while drilling and logging while drilling.
"We are grateful to be given the opportunity to be part of the Pan Malaysia Umbrella contract. It is a testament to our efforts and expertise in providing services in this segment. The contract will enable us to create value and recognise further growth in the energy division," DNeX's executive deputy chairman Datuk Samsul Husin.
The contract, he added, should contribute positively to the group's earnings over the next few years.
DNeX shares closed unchanged at 21.5 sen today, valuing the company at RM377.99 million. Over the past year, the counter has retreated some 23% from 28 sen.
http://www.theedgemarkets.com/article/dnex-bags-fiveyear-contract-petronas-carigali
