T7 Global secures job from Petronas Carigali

TheEdge Thu, Feb 20, 2020 01:33pm - 4 years View Original


KUALA LUMPUR (Feb 20): T7 Global Bhd and a consortium partner have secured a project from Petronas Carigali Sdn Bhd to provide a mobile offshore production unit (MOPU).

In a bourse filing today, T7 said its unit Tanjung Offshore Sdn Bhd and VME Process Systems Malaysia Sdn Bhd, the consortium partner, had received a letter of award from Petronas Carigali for the provision of leasing, operating and maintenance of the MOPU for Bayan Redevelopment Project Gas Phase 2.

It said the value of the contract is based on the contract price as stipulated in the letter of award.

T7 said the effective date of the contract is Feb 1 and the acceptance date is 27 months from the effective date. 

Meanwhile, the time charter period is 10 years from the acceptance date.

T7 said the contract was expected to contribute positively towards its earnings for the financial year ending Dec 31, 2020.

At the midday break today, T7 shares were 1.09% or 0.5 sen higher at 46.5 sen, valuing the group at RM233.23 million.

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