T7 Global bags five-year contract from HESS for Pan-Malaysia offshore services

T7 Global Bhd, through its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd, has secured a contract from Hess Exploration and Production Malaysia B.V. (HESS) for Pan-Malaysia maintenance, construction, modification, and hook-up and commissioning services under the B3 package.

According to a filing with Bursa Malaysia today, the contract will commence on November 11, 2024, and will run for five years until November 10, 2029, with an option for an additional three-year extension, followed by a further two-year extension.

Although the contract value was not disclosed, T7 Global stated that it is expected to have a positive impact on earnings and net assets from the financial year ending December 31, 2024, onwards.

The company acknowledged potential execution risks, including the availability of skilled manpower, equipment, and regulatory challenges, but assured that Tanjung Offshore will take necessary measures to mitigate these risks. — TMR