PETALING JAYA: Tanjung Offshore Services Sdn Bhd, a wholly-owned subsidiary of T7 Global Bhd, has snagged an umbrella contract from Vestigo Petroleum Sdn Bhd for the provision of integrated well services for well intervention, workover and abandonment.
In an exchange filing, the group said the contract had commenced from Oct 10, 2019 Sept and will end on Sept 19, 2024.
“The contract value shall be as per work order request, which is at the full discretion of Vestigo Petroleum Sdn Bhd,” it said.
T7 Global expects the contract to contribute positively towards its earnings and net assets per share for the financial year ending Dec 31, 2019.
“We are extremely pleased to secure the Pan Malaysia field development work which enables us to support the growth of the Malaysian oil and gas sector. This is a significant milestone for us and we hope that this signals the start of the next series of awards from other major PACs, ” T7 Global chairman Datuk Seri Nik Norzrul Thani bin Nik Hassan Thani said in a media statement.
Prior to this, on Oct 22, 2019, T7 Global was awarded a contract by Petronas Carigali Sdn Bhd to provide integrated well services for intervention, workover and abandonment for the PACs.
At the midday break, T7 Global’s share price gained half a sen to 50.5 sen on 1.76 million shares done.
