T7 Global secures Petronas Carigali contract


T7 GLOBAL Bhd’s wholly owned subsidiary, Tanjung Offshore Services Sdn Bhd (TOS), has secured an umbrella contract for the provision of 600k hydraulic workover unit from Petronas Carigali Sdn Bhd, an upstream arm of Petroliam Nasional Bhd (Petronas).

In a Bursa Malaysia filing yesterday, T7 said the threeyear contract has been effective since Feb 6, 2018, and will last until Feb 5, 2021, with an option of a one-year extension.

It added that the contract will be valued as per the work order request at Petronas Carigali’s full discretion.

“TOS will obtain consent from Petronas Carigali before making the required announcement when a material sum of work order is received under the contract,” it said.

The oil and gas service provider said the contract will not have an effect on the issued and paid-up capital of the company.

The contract is expected to positively contribute to the company’s earnings and net assets per share for the financial year ending Dec 31, 2018.

T7 also noted that a delay in work order received from Petronas Carigali could affect the contract and lead to delay in revenue recognition.