T7 Global secures RM50m work order from Petronas Carigali

TheEdge Tue, May 04, 2021 02:47pm - 2 years View Original


KUALA LUMPUR (May 4): T7 Global Bhd has secured a RM50 million work order award from Petronas Carigali Sdn Bhd for the provision of plug and abandonment integrated services for Pulai A.

In a filing exchange today, the energy solution provider highlighted that the work order is awarded to its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd, and it is effective from March 29 to Dec 28 this year. 

The group added that the work order is awarded to Tanjung Offshore under the Pan Malaysia umbrella contract for the provision of integrated well services for intervention, work-over and abandonment for petroleum arrangement contractors (PACs) where Tanjung Offshore was appointed by Petronas Carigali as one of the panel contractors back on Sept 20, 2019.

“Under the Pan Malaysia umbrella contract, Tanjung Offshore will be participating in upcoming jobs for integrated well services for well work-over and well abandonment from PACs in Malaysia,” it said.

Meanwhile, T7 Global chairman Datuk Seri Dr Nik Norzrul Thani said the work order award further cements the group’s position as an integrated well services player in Malaysia and reaffirms its technical capabilities to undertake complex offshore projects in the energy value chain.

“We are optimistic about the local oil and gas (O&G) industry due to the steady outlook for the next three years as Petronas remains committed to maximising its oil production and there are more than 500 wells planned to be plugged permanently by 2030 due to an increasing trend of idle wells.

“Over the next few years, we aim to win more similar jobs by providing innovative well solutions to Petronas and other oil majors in the region,” he highlighted. 

Barring any unforeseen circumstances, the group expects the work order award to contribute positively towards earnings and net assets per share of the company for the financial year ending Dec 31, 2021 (FY21).  

At the noon break today, shares in T7 Global ended five sen or 1.25% lower at 39.5 sen, valuing the energy solution provider at RM250.37 million.

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