Corporate results: T7 Global, Dayang Enterprise and Petra Energy

T7 secures five year contract from Repsol
T7 Global Bhd’s wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd, has secured a contract from Repsol Oil & Gas Malaysia Ltd for the provision of maintenance, construction and modification services for PM3-CAA and PM-305 assets. In an exchange filing yesterday, T7 stated the contract value shall be as per work order request by Repsol. The duration of the contract is for a period of five years from Dec 19, 2019. The counter closed two sen or 3.45% higher to 45 sen yesterday, giving it a RM221.74 million market capitalisation.

Dayang bags two contracts from Carigali
Dayang Enterprise Holdings Bhd’s wholly-owned subsidiary, Dayang Enterprise Sdn Bhd, has bagged two contracts for the provision of integrated hook-up and commissioning (i-HUC) services for Petronas Carigali Sdn Bhd (Package B: SBA and Package D: SKO). The duration of the contracts are four years from Jan 1, 2020 and shall expire on Dec 31, 2023. The contract value was not stated in its exchange filing yesterday. Dayang gained 22 sen or 8.76% to close at RM2.73 yesterday.

Petra Marine disposes Petra Lyra vessel
Petra Energy Bhd’s (PEB) wholly-owned unit, Petra Marine Sdn Bhd (PMSB), had entered into a Barecon 2017 Standard Bareboat Charter Party with Star Chance Ltd (SCL) and agreed to dispose its marine vessel, Petra Lyra, for US$6 million by way of providing finance lease to SCL for 36 months. The sale consideration payment shall be made in instalment where the first lump sum is US$500,000 before delivery of vessel, second lump sum is US$250,000 within 120 days of the Agreement date and then US$145,833.33 per month for 36 months. Petra Lyra will be transferred to SCL on expiration of the charter with full instalment payment made. By then, PMSB will cease to be the registered owner of the vessel. PEB, in a note with the exchange yesterday, stated the disposal is timely as it allows the group to monetise non-performing asset within the group and crystalise the value of the vessel at a reasonable price. This would improve PEB Group’s cash flow position for working capital, potential investment and future business expansion plan.