Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 6): Energy solution provider T7 Global Bhd has secured three letters of appointment and awards worth a combined value of RM300 million under its energy division for the operations and maintenance (O&M) segment and specialist products segment.

In a bourse filing, T7 Global said the first contract was awarded by Petroliam Nasional Bhd (Petronas) to Tanjung Offshore Services Sdn Bhd, its wholly-owned subsidiary for the O&M segment.

The five-year contract spans from July 29, 2021 until July 28, 2026. Under the deal, Petronas and Tanjung Offshore, together with technology partner Siemens AG, will work together to provide distributed control system solutions for two packages, namely package A for the downstream and package B for the upstream, and petroleum arrangement companies (PACs), said T7 Global.

It added that the coverage is for all of the Petronas group of companies and PACs’ onshore and offshore locations throughout Malaysia.

Tanjung Offshore has also won an award from Carigali Hess Operating Company Sdn Bhd (CHOC) for the provision of topside construction and maintenance services for its gas facilities located in Block A-18 of the joint development area administered by the Malaysian-Thailand Joint Authority. The block is located approximately 150km north-east of Kota Baru in approximately 60m of water.

The tenure of this contract is three years, starting from Jan 15, 2022 to Jan 14, 2025, with an option to extend for another two years.

It is worth noting that this CHOC award is the second contract by CHOC, following the first one dated March 31, 2020 for the provision of onshore fabrication, offshore hook-up and commissioning for infill flow lines, said T7 Global in a statement.

The third contract was obtained from Repsol Oil & Gas Malaysia Ltd for the company's sub-subsidiary T7 Wenmax Sdn Bhd for the provision of sales gas metering upgrade for Bunga Raya A, which is related to the upgrading of instrumentation and equipment to ensure uninterrupted functionality of the existing system. The contract commenced works on Sept 2, 2021, and lasts until completion of the works.

T7 Global said these awards are expected to contribute positively towards the group’s earnings and net assets for the next five years.

“We would like to thank Petronas, CHOC and Repsol for their support over the years. We will continue to produce excellent work and value-adding to our clients’ operations in the long run,” said T7 Global chairman Datuk Seri Dr Nik Norzrul Thani Hassan Thani in a statement.

“With these contracts, our order book has swollen to RM2.3 billion and our energy division will be expanding over the next couple of years executing these projects,” he added.

T7 Global shares settled half a sen or 1.37% higher at 37 sen at Monday's (Dec 6) noon break, with a market capitalisation of RM235 million. Over the past year, the stock has fallen 23% from 48 sen.

Edited BySurin Murugiah
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