T7 secures multiple contracts worth RM100m

T7 Global Bhd, formerly Tanjung Offshore Services Bhd, has secured several oil and gas services contracts, totalling RM260mil since August 2017.

KUALA LUMPUR: T7 Global Bhd has announced several contracts awarded to its subsidiaries worth a combined sum of RM100mil.

In a statement, the group said wholly owned unit Tanjung Offshore Services Sdn Bhd inked an agreement with VME Process Asia Pacific Pte Ltd to provide engineering, fabrication, procurement and supply of modular process packages in India up to June 2020.

The same unit also secured a service order, commencing August 2019, from FPSO Ventures for the provision of remotely operated vehicles, diving support vessel, manpower and equipment for subsea services for FPSO Bunga Kertas for Petronas Carigali.

Another of T7's subsidiaries, T7 Gastec Sdn Bhd signed a contract with PTS Resources Sdn Bhd for the provision of a battery system including its associate engineering services and accessories.

The tenure of the contract began on June 27, 2019, and will be completed by April 14, 2021.

"It is a breakthrough for the Group to be involved in a project in India as a contractor for VME Process," said T7 chairman Datuk Seri Nik Norzrul Thani Nik Hassan Thani.

"Also, the Group has been awarded a subsea work in serving Petronas indirectly via FPSO Ventures. 

"Propelled by the dynamic pace of the energy sector, T7 will continue extending the support to the country’s growth ambitions in the energy sector."

At 12.30pm, T7's share price had risen 1.5 sen or 3.19% to 48.5 sen apiece on the back of 744,200 units exchanging hands.