T7 Global awarded RM50m contracts

PETALING JAYA: Oil and gas service provider T7 Global Bhd’s wholly owned subsidiaries have been awarded contracts worth RM50 million.

The contracts entail an underwater solution contract from Petronas Carigali Sdn Bhd and two manpower contracts, one from Petrofac Limited and the other from SapuraOMV Upstream (PM) Inc & SapuraOMV Upstream (Sarawak) Inc (SapuraOMV).

The underwater solution contract from Petronas Carigali involves the provision of underwater inspection services using mini-remotely operated vehicle (ROV). The contract is for a duration of one year from Sept 3, 2019.

The Petrofac contract is for the provision of drilling and manpower services for a period of two years effective Aug 15, 2019 to Aug 14, 2022.

T7 Global also secured a contract for the provision of third-party manpower supply for SapuraOMV’s exploration & production facilities and construction department. This contract’s validity is until April 18, 2021 with an option to extend for an additional year.

“To date, our subsea unit has made several breakthroughs and achieved key milestones through existing contracts. Our team has introduced alternative approach to subsea inspection, maintenance and repair for the offshore oil & gas industry in the region. Notably, we have successfully executed platform-based underwater inspection and repair solutions focusing at splash zone area,” said T7 Global chairman Datuk Seri Nik Norzrul Thani Nik Hassan Thani.

He added that platform-based concept has proven to be easily deployable and cost-effective compared to the conventional method.

“We expect to be more involved in the subsea segment in the coming years and target to introduce innovative subsea technologies and methods such as the mini-ROV.

“We believe these contracts will contribute positively to our financial performance over the next few financial years.”

At 3pm, T7 Global’ share price was trading 1 sen higher at 50 sen on 5.55 million shares changing hands.

source https://www.thesundaily.my/business/t7-global-awarded-rm50m-contracts-EF1557677