Dayang bags Petronas Carigali barge contract, outlook stays cautious
KUCHING (July 31): Dayang Enterprise Holdings Bhd (Dayang) has secured a work order from Petronas Carigali Sdn Bhd (Petrona Carigali) for the provision of an accommodation work barge (AWB) for a period of 130 days, with the option to extend by another 60 days.
The contract was awarded to its wholly owned subsidiary, DESB Marine Services Sdn Bhd.
While the charter rate was not disclosed, the team with Kenanga Investment Bank Bhd (Kenanga Research) deemed to be in line with its estimate of RM90,000 per day.
It is also assuming a vessel utilisation rate of 82 per cent, with three out of Dayang's five AWBs already securing charters.
'Hence, the win is considered mildly positive as it ensures short-term utilisation for Dayang's vessel, Emerald,' it said in a note on Thursday.
Despite securing new jobs, the research house remains cautious on the group's medium-term outlook due to weak macro conditions and unresolved gas aggregation issues between Petroleum Sarawak Bhd (Petros) and Petroliam Nasional Bhd (Petronas).
It added that earnings could face downside risks if uncertainties persist, as both revenue and margins may come under pressure.
The research house maintained a 'market perform' call with a target price of RM1.56.
Dayang's order book remains strong at RM5.1 billion, but the house said its pace of work orders for its offshore topside maintenance (TMS) division is expected to slow on a year-on-year basis.
This is due to a softer crude oil price outlook, which may prompt clients to reduce spending on maintenance activities.
Its marine division is also facing a weaker earnings trend compared to last year, largely due to softer demand for offshore support vessels (OSVs), with more sporadic spot charters replacing long-term contracts.
However, charter rates for OSVs are still holding up for now, supported by tight local supply, said the house. corporate news Dayang Enterprise Holdings Bhd oil and gas
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