On Wednesday, Dayang announced that it had received a contract extension from Sarawak Shell Bhd, which is also part of the umbrella contract for offshore support vessel services (OSVs) for Petronas’ Petroleum Arrangement Contractors’ drilling and project activities. PETALING JAYA: Dayang Enterprise Holdings Bhd is poised for a strong earnings recovery this year on the back of a solid order book of RM3.6bil in tandem with the progressive recovery in the sector’s dynamics, says Public Investment Bank Research. This is despite the group’s fourth-quarter financial year 2020 results this February that are likely to be affected by bad weather and possible lagged effects of oil majors’ capex reduction, said the research unit. On Wednesday, Dayang announced that it had received a contract extension from Sarawak Shell Bhd, which is also part of the umbrella contract for offshore support vessel services (OSVs) for Petronas’ Petroleum Arrangement Contractors’ drilling and project activities. While no contract value was disclosed, PublicInvest estimated that the project could be in the range of RM20mil to RM26mil based on the daily charter rate of RM55,000 to RM70,000 for OSVs currently. The contract’s lifespan is for one year, starting from March 20,2021. PublicInvest said: “We are positive on this extension as it shows that overall work activity is still continuing albeit at a slower pace, and with the group being able to maintain its vessel utilisation of 60% currently.” The research unit also made no changes to its earnings forecast for Dayang as it assumed “this under our replenishment assumption of about RM200mil per year. Dayang’s outstanding orderbook also continues to remain strong at RM3.6bil”. “While no contracts have been terminated during the recent crisis, most work orders which are largely based on call-outs would likely have been deferred to 2021, given the uncertainty and volatile oil prices then, ” added PublicInvest. The research house has maintained its earnings forecast for Dayang, as the contract extension is part of its assumption of about a RM200mil orderbook replenishment for this year. It has an outperform rating with an unchanged target price of RM1.66. Dayang is seen as a preferred pick for the sector in 2021.
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