T7 Global wins multiple contracts worth RM260m in total

PETALING JAYA: T7 Global Bhd’s subsidiaries Wenmax Sdn Bhd and Tanjung Offshore Services Sdn Bhd have collectively bagged six contracts with a combined contract value of RM260 million.
The group’s board of directors said in a Bursa Malaysia filing that T7 Global had received letter of awards for the aforesaid jobs over the course of the last five months.
Contracts won by Wenmax an indirect subsidiary of the company, owned through Gas Generators (M) Sdn Bhd include an engineering, procurement, fabrication and commissioning works contract for the Pengerang Deepwater Terminal 2's Crude Transfer Metering System (CTMS) package from Petronas Technical Services Sdn Bhd and a purchase order from Sabah Shell Petroleum Company Limited to supply of Single Buoy Mooring (SBM) Hoses, as part of a five year price agreement contract.
On top of that Wenmax won two jobs from Repsol Oil & Gas Malaysia Ltd, which includes a four-year contract to supply carbon dioxide gas separation membrane elements and consumables, along with a one-off contract to supply MRU absorbent materials for gas MRU field trial.
Meanwhile, its wholly owned subsidiary Tanjung Offshore Services Sdn Bhd, has received a service order from Malaysia Marine And Heavy Engineering Sdn Bhd for the subcontract of insulation work for the Rapid Package 14 Project.
In addition to that, Tanjung Offshore has also received a two-year contract from Repsol to provide blasting and painting services.
"These contracts represent a testament to the strong partnerships we have with the three parties. We are making good progress in replenishing our work orders. We are reasonably optimistic of building up our order book and are actively bidding for projects.” the group's chairman Datuk Seri Nik Norzul Thani N. Hassan Thani said in a statement.
The contracts are expected to contribute positively towards the earnings of the group for the financial years ending Dec 31, 2018 and beyond.
The stock closed one sen, or 2%, up at 42 sen with some 5.3 million shares changing hands.