Malaysian oilfield services provider Dayang has won two contracts with the country's oil and gas giant Petronas.
Dayang said Tuesday that the contracts were for the provision of integrated hook-up and commissioning (i-HUC) services for Petronas Carigali through Package B: SBA and Package D: SKO.
According to Dayang, the duration of the contracts are for a period of four years effective from January 1, 2020, expiring on December 31, 2023.
Dayang did not provide the financial details on the contracts. However, the Kenanga Investment Bank "guesstimated" that the deals might be valued at around 2 billion Malaysian ringgit (around $492 million) in total.
"While no contract values were included in the original announcement, as actual values would be dependent on work orders received, we guesstimate contract values to be roughly ~RM1b per package, thereby summing up to ~RM2b for the two contracts," the bank said.