The Board of
Directors of Destini Berhad (Destini or the Company) is pleased to announce
that Samudra Oil Services Sdn Bhd, a wholly-owned
subsidiary of Destini, had on 23 May 2014, accepted a letter of award from Lundin
Malaysia B.V. (Lundin) for the provision of Hammer services and equipment for
Lundin drilling campaign for a primary duration of two (2) years
plus one (1) year extension option (the Contract).
The Contract is not expected to have any material effects on the share capital
and shareholding structure of the Company. However, it is expected to have positive contribution to the earnings
per share, net assets per share and gearing of the Destini group.
There are no significant risks other than
operational risk associated with the Contract.
None of the Directors and/or substantial
shareholders of the Company or persons connected to the said Directors and/or
substantial shareholders have any direct or indirect interest in the Contract.
The Board of Directors, after due consideration, is of the opinion that the
Contract is in the best interest of the Group. The Contract being incurred in
the ordinary course of business, is not subject to the approval of the
shareholders.
This announcement is dated 23 June 2014.