T7 Global rises 2% after units secure contracts worth RM100m

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KUALA LUMPUR (July 22): T7 Global Bhd shares rose 2% this morning after its units have secured three contracts worth RM100 million in total.

At 9.34am, T7 Global added 1 sen to 51 sen for a market capitalisation of RM255.80 million.

T7 Global said Tanjung Offshore Services Sdn Bhd (TOS) had inked an agreement with VME Process Asia Pacific Pte Ltd for the provision of engineering, fabrication, procurement and supply of modular process packages in India.

TOS had also received a service order from FPSO Ventures Sdn Bhd for the provision of remotely operated vehicles, diving support vessel, manpower and equipment for subsea services for FPSO BUNGA Kertas, according to the filing with Bursa Malaysia.

Meanwhile, another subsidiary T7 Gastec Sdn Bhd, formerly known as Gas Generators (Malaysia) Sdn Bhd, has also received a letter of award from PTS Resources Sdn Bhd for the supply, delivery, installation, testing and commissioning of battery system including its associate engineering services and accessories.