KUALA LUMPUR (Jan 25): T7 Global Bhd's units have secured two letters of award (LOA) worth approximately RM100 million in total, with Tanjung Offshore Services Sdn Bhd given an LOA by Hibiscus Oil & Gas Malaysia Ltd, and T7 Intelligent Resources Sdn Bhd another letter from PTTEP Group of Companies.

In a press statement on Wednesday (Jan 25), the energy solution provider said the LOA with PTTEP entails the provision of head-hunting and recruitment services, while the second letter from Hibiscus includes the provision of facility decommissioning services for the South Angsi Alpha. 

“Since fully acquiring T7IR (T7 Intelligent Resources) in 2021, we have secured multiple manpower contracts from similar energy producers,” said T7 Global group chief executive officer Tan Kay Zhuin. 

“We are optimistic that the manpower segment will continue to grow in the region. The Hibiscus award marks an important milestone for the company to execute offshore facility decommissioning projects of such scale.

“There is an initiative for rig-to-reef by converting the structures into artificial reefs to enhance the marine habitat at the intended location," he added.

Tan said over the next few years, the group will be on the lookout for more environmental, social and governance-related projects in the region.

The group also expected the projects to contribute positively towards T7 Global’s earnings and net assets for the next two years. 

T7 Global’s share price remained unchanged at 35 sen at the time of writing on Wednesday. Its market capitalisation stood at RM264.97 million.