T7 Global gets contract extension from Petronas Carigali

T7 Global gets contract extension from Petronas Carigali
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KUALA LUMPUR (Jan 19): Oil and gas (O&G) service provider T7 Global Bhd has won a contract extension from Petronas Carigali Sdn Bhd to provide underwater inspection services using a mini remotely operated vehicle (ROV).

In a bourse filing, T7 Global said its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd had received a letter of contract extension dated Dec 7 from Petronas Carigali for the job.

The contract was first awarded on Aug 23, 2019 and the duration was from Sept 3, 2019 to Sept 2, 2020. It has now been extended to May 31, 2021.

"The value of the contract is based on the prices as stipulated in the contract," it said. To recap, the contract was one of three new jobs worth RM50 million that T7 Global had clinched in October 2019.

“The contract will have no effect on the group's total issued share capital. It is expected to contribute positively towards the group's earnings and net assets per share for the financial year ending Dec 31, 2021,” it added.

Shares in T7 Global finished the day one sen or 2.41% higher at 42.5 sen, valuing it at RM269.39 million. It saw 3.02 million shares done.

Kang Siew Li