KUALA LUMPUR (Oct 11): T7 Intelligent Resources Sdn Bhd (T7IR), a subsidiary of T7 Global Bhd, has been awarded a five-year contract by ExxonMobil Exploration and Production Malaysia Inc to provide technical and general staffing personnel services.
In a Bursa Malaysia filling on Tuesday (Oct 11), T7 Global announced that the contract is for five years beginning from Sept 2, 2022 to Sept 4, 2027. It said risk factors include execution risks and non-compliance with statutory and regulatory requirements, but added that T7IR will take necessary actions to mitigate the risks as it has an established track record and expertise with other similar contracts.
According to T7 Global chief executive officer, Tan Kay Zhuin, T7IR has secured several contracts with offshore operators since its acquisition in 2021.
The contract with ExxonMobil is expected to contribute to T7 Global's earnings and net assets. "We are optimistic that this business segment will continue to grow as oil & gas activities pick up," Tan said.
T7IR is involved in recruiting Malaysian talents for several industries, including oil & gas and new energy as well as information and communications technology, banking, financial technology, construction, and aerospace and defence.
This year, T7IR managed to secure two awards — one from Petroliam Nasional Bhd on March 30 and the other one from Hess Exploration and Production Malaysia BV on April 13.
At the time of writing, T7 Global's share price was down 0.5 sen or 1.52% to 32.5 sen, which translates into a market capitalisation of RM246.04 million.