T7 Global secures job from Petronas Carigali

This article first appeared in The Edge Financial Daily, on February 21, 2020.
-A +A

KUALA LUMPUR: T7 Global Bhd and a consortium partner have secured a project from Petronas Carigali Sdn Bhd to provide a mobile offshore production unit (Mopu).

In a bourse filing yesterday, T7 said its unit Tanjung Offshore Services Sdn Bhd and VME Process Systems Malaysia Sdn Bhd, the consortium partner, had received a letter of award from Petronas Carigali for the provision of leasing, operating and maintenance of the Mopu for Bayan Redevelopment Project Gas Phase 2.

It said the value of the contract is based on the contract price as stipulated in the letter of award.

T7 said the effective date of the contract is Feb 1 and the acceptance date is 27 months from the effective date.

Meanwhile, the time charter period is 10 years from the acceptance date.

T7 said the contract was expected to contribute positively towards its earnings for the financial year ending Dec 31, 2020.

T7 shares closed 1.09% or half a sen higher at 46.5 sen yesterday, valuing the group at RM229.13 million.