T7 Global bags over RM140m worth of jobs

TheEdge Tue, May 19, 2020 05:21pm - 3 years View Original


KUALA LUMPUR (May 19): T7 Global Bhd has bagged two contracts with a provisional value of over RM140 million from Carigali Hess Operating Company Sdn Bhd and PTS Resources Sdn Bhd.

In a bourse filing today, T7 Global said its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd has received a letter of award from Carigali Hess for the provision of onshore fabrication, offshore hook-up and commissioning for infill flowlines.

"The duration of the contract is for four years, commencing from June 1. The value of the contract will be based on a work order request from Carigali Hess," it added.

The second contract worth RM140 million from PTS Resources was awarded to T7 Wenmax Sdn Bhd, a sub-subsidiary of T7 Global, for the supply of systems and equipment. The duration of the contract is for one year, commencing from May 18.

"The contracts are expected to contribute positively to the group's earnings and net assets per share for the financial year ending Dec 31, 2020," said T7 Global.

At 4.49pm, T7 Global shares were up 4 sen or 10.13% at 43.5 sen, bringing a market capitalisation of RM234.02 million. A total of 13.75 million shares were traded. 

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