T7 Global bags umbrella contract from Vestigo Petroleum

TheEdge Fri, Nov 15, 2019 10:30am - 4 years View Original


KUALA LUMPUR: T7 Global Bhd has secured an umbrella contract from Vestigo Petroleum Sdn Bhd.

In a filing with Bursa Malaysia yesterday, T7 said its unit Tanjung Offshore Services Sdn Bhd received on Oct 10 a letter of award from Vestigo Petroleum for the provision of integrated well services for well intervention, workover and abandonment.

It said the duration of the contract was from Oct 10, 2019 until Sept 19, 2024.

T7 said the contract value shall be as per work order request, which is at the full discretion of Vestigo Petroleum.

The contract is expected to contribute positively to T7’s earnings for the financial year ending Dec 31, 2019, according to the group.

T7 shares closed unchanged at 50 sen yesterday, with a market capitalisation of RM248.84 million. The stock has jumped over 38% since a year ago.

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