#Hot Stocks* Dayang, Pet Energy rise on Shell contract bid

KUALA LUMPUR (Jan 21): Shares of Dayang Enterprise Holdings Bhd and Petra Energy Bhd rose in early trade this morning, following a news report that both companies have been shortlisted to receive a contract from Shell.

The Edge Weekly reported over the weekend that that the two companies have met the preconditions of the tender for Shell’s share in the Pan Malaysian Umbrella Hock-up and Commissioning project. The winner/s of the contract is expected to be announced within Feb-April.

“Dayang and Petra Energy are strong contenders for the Shell contract and it’s not surprising that they have been shortlisted. Whether or not Dayang gets the job, it is still one of OSK’s top picks in the oil and gas sector,” said OSK Research analyst Danny Chan in a report.

At 9.55am, Dayang shares were up by 7 sen, or 2.7% to RM2.69. It hit a high of RM2.72 earlier, with 855,500 shares done.

Petra Energy was trading at RM1.70, up 9 sen or 5.6% with 281,900 shares done. Its shares hit a high of RM1.71 earlier.

Samsukri Glanville bin Mohamad, an analyst from HLIB Research said Dayang’s orderbook will benefit from an increased number of platforms as the government opens new fields and strives to resuscitate domestic O&G production.

“We have assumed an order book increase of RM1.25 billion, reflecting a 12.5% bidding ratio from the estimated RM10 billion HUC and modification jobs, or a 50% chance of winning the RM2.5 billion Shell contract.” he said.

Petra Energy recently entered into a conditional sale of shares agreement with Shorefield Offshore Services, Ahmadi Yusoff, Hafitz Khalid and Kamarul Baharin to acquire 100% of KAS Ship Management Sdn Bhd for RM3 million.

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