This article first appeared in The Edge Financial Daily on November 1, 2019

KUALA LUMPUR: T7 Global Bhd announced yesterday it has, via its wholly-owned unit Tanjung Offshore Services Sdn Bhd, secured three new jobs worth an approximate RM50 million, one of which was from Petronas Carigali Sdn Bhd.

The contract from Petronas Carigali, which was awarded to Tanjung Offshore, was for the provision of underwater inspection services using mini-ROV (remotely operated vehicle) for a period of one year, starting from Sept 3 this year until Sept 2, 2020, according to the company’s stock exchange filing.

Tanjung Offshore has also secured one contract from Petrofac (Malaysia-PM304) Ltd for the provision of drilling and completion of manpower services. The three-year job, which started from Aug 15 this year, is to be completed on Aug 14, 2022.

The third contract Tanjung Offshore secured was from SapuraOMV Upstream (PM) Inc and SapuraOMV Upstream (Sarawak) Inc for the provision of third-party manpower supply to Sapura’s exploration and production facilities and construction department.

While the third contract’s commencement date was not mentioned, it will be valid until April 2021, and carries a one-year extension option.

T7 shares closed half a sen or 1.02% higher at 49.5 sen yesterday, giving it a market capitalisation of RM243.92 million. The stock has climbed over 35% since a year ago.