T7 Global clinches two contracts, Australian investment strikes oil

PETALING JAYA: T7 Global Bhd has bagged two contracts for a combined sum of RM7.2 million, and seen its Australian investment, under Triangle Energy (Global) Ltd, hit oil in the Perth Basin.
T7 owns a 9.86% in Triangle Energy, which is listed on the Australian Securities Exchange. Oil was discovered in Xanadu-1 well in the Perth Basin.
Drilling operations spudded on Sept 4 have seen progress with confirmed hydrocarbon presence at the Xanadu-1 well.
On Bursa Malaysia, T7 Global declined by 1.28% to close at 38.5 sen with some 108,500 shares changing hands. Its market capitalisation stood at RM146.89 million.
T7 Global announced in a stock exchange filing that its wholly owned subsidiary Tanjung Offshore Services Sdn. Bhd (TOS) was awarded an umbrella contract to provide manpower services from Petroliam Nasional Bhd’s wholly owned subsidiary PRPC Utilities and Facilities Sdn. Bhd, for a sum of RM5 million.
“TOS will be responsible for providing the local manpower that will be required to be deployed for Utilities, Interconnecting, Offsite Facilities Package 14 at Pengerang, Johor site,” T7 Global said in the filing.
The contract is slated to go on from the date of the letter of award (Aug 1) to December 2018, with an option of a one-year extension.
The second project, also awarded to TOS, involves refurbishment works to reuse the existing steel storage tanks and to supply, fabricate and install new steel storage tanks and associated works at the Chan Sow Lin and Bandar Malaysia North MRT launching site.
This RM2.2 million contract was awarded to T7 Global by MMC Gamuda KVMRT joint venture. The contract is scheduled to go on between March 31 and November 2017.
Both contracts are expected to contribute positively towards the earnings and net assets per share of T7 Global for the financial year ending Dec 31, 2017.