Dayang Enterprises to acquire RM117.7 mln vessel to boost offshore operations

MIRI (Jan 20): Dayang Enterprise Holdings Bhd is purchasing a new marine vessel worth RM117.7 million to strengthen its offshore maintenance capabilities in the oil and gas industry.

In an announcement in its bourse filing today, it said its wholly-owned subsidiary DESB Marine Services Sdn Bhd (DMSSB) had entered a sale and purchase agreement with Shin Yang Shipyard Sdn Bhd on Jan 20 for the construction of a maintenance and work vessel.

The vessel is scheduled for delivery between Jan 2 and Jan 10, 2028, and will be built according to American Bureau of Shipping classification standards.

The agreement was signed between Dayang Holdings executive deputy chairman Datuk James Ling and Shin Yang Group executive chairman Tan Sri Datuk Ling Chiong Ho.

Also present to witness the signing ceremony were Dayang Holdings deputy managing director Joe Ling, Shin Yang Group executive director Vincent Ling and Shin Yang Group chief executive officer Richard Ling.

James said the company looked forward to the timely delivery of the vessel from Shin Yang Shipyard, which “has an impeccable track record of delivering vessels since our first order in 2005”.

“The new vessel forms part of our strategy to enhance operational capabilities in supporting offshore maintenance, hook-up and commissioning works.

“Upon completion and deployment, the vessel is expected to contribute positively to the group’s future revenue and earnings,” said Dayang.

It acknowledged that the acquisition was subject to construction and delivery risks, as well as potential cost variations from approved variation orders, but said it would manage these through contractual safeguards and prudent project management.

The vessel acquisition is not expected to have any immediate material effect on Dayang’s earnings for the financial year ending 2026 nor on its net assets or gearing, it wrote in its bourse filing.

DMSSB is principally engaged in providing marine vessel chartering services, while Shin Yang Shipyard specialises in shipbuilding and ship repair services.