T7 Global gets LOA from Petronas Carigali for pan-Malaysia services

KUALA LUMPUR (Dec 13): T7 Global Bhd (KL:T7GLOBAL) has received a letter of award (LOA) from Petronas Carigali Sdn Bhd for the provision of pan-Malaysia offshore maintenance, construction, modification (MCM), and hook-up commissioning (HUC) services.

In a filing to Bursa Malaysia on Friday, the oil-and-gas company said the contract, awarded to its wholly owned Tanjung Offshore Services Sdn Bhd, was for Package C1 — Peninsular Malaysia Asset (PMA). However, the contract value was not disclosed.

The contract, which commenced on Sept 27, is for a period of five years, with an optional three-year plus two-year extension, according to T7 Global.

At midday break on Friday, T7 Global shares were up by 0.5 sen or 1.04% at 48.5 sen, bringing the group a market value of RM410.75 million. Year to date, the stock has risen by 10.2%.