KUALA LUMPUR (July 26): Energy solutions provider T7 Global Bhd has bagged a contract to provide mini remotely operated vehicle (ROV) underwater services for Pan-Malaysia petroleum arrangement contractors – Package B.

In a bourse filing today, T7 Global said its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd had on July 12 received a letter of award from Pioneer Pegasus Sdn Bhd, which is a Pan-Malaysia contract holder.

"The value of the award is based on the prices stipulated in the award. The contract is effective from July 12 until completion of the platform inspection campaign by the end of 2022," it added.

"With this contract, T7 Global will provide underwater inspection and maintenance services for 10 platforms cumulatively in Sabah and Sarawak using mini-ROV," its chairman Datuk Seri Dr Nik Norzrul Thani N Hassan Thani said in a separate statement.

“Our strategy has worked well since our inception in 2019 by providing our underwater inspection, maintenance and repair services through several Petronas projects. Now we will be focusing on expanding the client base through other offshore operators,” he added.

The award is not expected to have any material effect on the total issued share capital of T7 Global, but is expected to contribute positively towards its earnings and net assets per share for the financial years ending Dec 31, 2021 and 2022.

At noon market close, T7 Global shares were up 0.5 sen or 1.49% at 34 sen, bringing a market capitalisation of RM212.34 million.