T7 Global bags repair job from Petronas, manpower contract from Vestigo

-A +A

KUALA LUMPUR (March 12): T7 Global Bhd has bagged two contracts, with the first to provide splash zone structural repair and maintenance to Petronas Carigali Sdn Bhd, and the second to provide manpower services to Vestigo Petroleum Sdn Bhd

The Petronas job was secured by its subsidiary, Tanjung Offshore Services Sdn Bhd (TOS), who received the letter of award on Dec 24, 2018. The deal is for two years beginning Jan 2, 2019, T7 Global said in a stock exchange filing today.

“The said contract is based on the unit rates as stipulated in the contract price schedule,” it said. There is an option for TOS to extend the contract for one additional year.

Separately, TOS’ subsidiary Fircroft Tanjung Sdn Bhd had received a letter of award from Vestigo on Oct 19, 2018 for an umbrella contract for the provision of manpower services.

The contract is also for two years, starting Oct 19, 2018, and comes with an option to extend for another one year, T7 Global said.

“The technical services and deliverables provided for this contract shall be delivered based on scope of work and duration stipulated in the contract documents and/or in each work order issued to Fircroft Tanjung,” the group explained.

Meanwhile, Fircroft will obtain and maintain a valid license with Petroliam Nasional Bhd (Petronas) throughout the duration of the said contract, T7 Global said.

The contracts are expected to contribute positively towards the earnings and net assets per share of T7 Global for the financial year ending Dec 31, 2019 (FY19), it said.

At 3.08pm, T7 Global shares were trading 2.5 sen or 4.95% higher at 53 sen, which gives the group a market value of RM222.31 million.