T7 GLOBAL BHD INKS 2 SUBSEA CONTRACT DEALS
Company signs shareholders agreement with Hong Kong and Singapore firms
T7 GLOBAL Bhd is venturing into subsea engineering services in the oil and gas sector via partnerships with two companies.
Its unit, T7 Marine Sdn Bhd, yesterday inked a shareholders agreement with Hong Kongbased DIV Diving Engineering Co Ltd and Singapore’s Cornerstone Offshore Pte Ltd to carry out underwater subsea engineering services for the oil and gas industry in Malaysia.
T7 Global said T7 Marine would hold a 55 per cent stake in the joint-venture company while DIV Diving would take up 30 per cent and Cornerstone Offshore the remaining 15 per cent stake.
DIV Diving, incorporated in 1999, is an underwater engineering solutions provider for oil and gas production facilities in China.
Meanwhile, Cornerstone Offshore provides subsea and seabed solutions, such as installation of pipeline and cable burial services to windfarm, energy, telecommunications, mining and oil and gas sectors.
“This new venture would provide an opportunity for T7 Global to expand its subsea and underwater activities in the oil and gas industry,” said T7 Global Datuk Seri Dr Nik Norzrul Thani Nik Hassan Thani.
“We are confident that both the companies have the relevant expertise in the industry that would be a key element for us to grow further in the industry,” he added.