KUALA LUMPUR (Sept 18): Offshore oilfield service provider T7 Global Bhd, formerly Tanjung Offshore Bhd, said its investment Triangle Energy Global Ltd has hit oil in the coastal Xanadu-1 well in the Perth Basin.

"We are very pleased that Triangle Energy has hit oil in the Xanadu well and that our investment in Triangle Energy is bearing fruits so quickly after the completion of our investment in July 2017," said its chairman Datuk Seri Dr Nik Norzrul Thani N Hassan.

T7 Global announced in June this year it acquired a 9.8% stake in the Australian-listed oil and gas exploration and production firm, Triangle Energy, for US$500,000 or about RM2.14 million.

"We will continue to work closely with the management to find new ways that T7 can support the growth of the business," he said.

Separately, it said its wholly owned unit Tanjung Offshore Services Sdn Bhd (TOS) has bagged two contracts worth RM7.2 million from Petroliam Nasional Bhd (Petronas) and the MMC Gamuda KVMRT (UGW) Joint Venture.

In a filing to Bursa Malaysia today, the company said under the first contract, TOS will be responsible for providing the local manpower that will be required to be deployed for Utilities, Interconnecting, and Offsite (UIO) Facilities at Pangerang, Johor.

T7 Global said TOS has received a letter of award from Petronas's subsidiary PRPC Utilities and Facilities Sdn Bhd for RM5 million.

The duration of the contract is from August 2017 to December 2018, with the option to extend for an additional one year, said T7 Global.

TOS was also awarded a RM2.2 million contract from MMC Gamuda KVMRT (UGW) Joint Venture for MRT Line 2.

T7 Global said the contract is for the execution of refurbishment to reuse the existing steel storage tanks and the supply, fabrication, installation of new steel storage tanks and its associated works at the Chan Sow Lin and Bandar Malaysia North MRT launching site.

The second contract is expected to be completed by the end of November 2017 and to contribute positively towards the group's earnings and net asset per share for the financial year ending Dec 31, 2017 (FY17).

"We are also delighted that we were awarded the refurbishment and delivery of new storage tanks for MMC Gamuda for the MRT line 2 and we hope that this will open new opportunities for us in the future," said Nik Norzrul.

Shares in T7 Global closed down half a sen or 1.28% at 38.5 sen for a market capitalisation of RM146.9 million.