T7 Global clinches jobs from Mubadala Petroleum, Shell

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KUALA LUMPUR (Dec 16): Oil and gas service provider T7 Global Bhd has clinched contracts for manpower jobs from Mubadala Petroleum's entity, MDC Oil & Gas (SK320) Ltd, and an engineered product job from Shell's entity, Sarawak Shell Bhd/Sabah Shell Petroleum Co Ltd.

In a statement today, T7 Global said Fircroft Tanjung Sdn Bhd, a subsidiary of its unit Tanjung Offshore Services Sdn Bhd received two letters of awards from MDC.

The first award, dated Oct 17, 2019, is for the provision of third-party manpower services in support of MDC's technical, production operations and its 'Health, Safety, Security and Environment' requirements.

The second award, dated Nov 4, 2019, is for the provision of third-party manpower services in support of MDC's drilling and exploration requirements.

The contract from Shell, which was awarded to T7 Wenmax Sdn Bhd, a subsidiary of T7 Gastec Sdn Bhd for the provision of CPC pump part, is expected to be delivered by September 2022.

T7 Global chairman Datuk Seri Nik Norzrul Thani Nik Hassan Thani said these contracts indicated a continuous growth for T7 Global's oil and gas business, noting that its commitment towards growing the order book is further enhanced by the contracts.

"These contracts are expected to contribute positively to the group's earnings in the future," he added.

Prior to this, T7 Global was awarded manpower contracts, one from Petrofac Ltd and the other from SapuraOMV Upstream (PM) Inc and SapuraOMV Upstream (Sarawak) Inc.

At the midday break today, T7 Global shares gained 1.1% or 0.5 sen to 46 sen, for a market capitalisation of RM230.73 million.