T7 Global secures LOA from Petronas Carigali

KUALA LUMPUR: Tanjung Offshore Services Sdn Bhd (TOS), a wholly-owned subsidiary of T7 Global Bhd, an upstream and downstream oil and gas service provider in Malaysia, has received a Letter of Award (LOA) from Petronas Carigali Sdn Bhd (PETRONAS Carigali) for an umbrella contract for the provision of a hydraulic workover unit (HWU).

The duration of this contract is three years with a one year extension option commencing Feb 6, 2018 to the expiry date of February 5, 2021.

The scope of the contract is for the provision of a 600k HWU.

“The board of T7 Global is of the opinion that the acceptance of the contract is in the best interest of the company.

“While the Group has successfully secured several contracts during the period, we are mindful that a majority of the contribution will only be realised in 2018 and beyond,” executive deputy chairman of T7 Global, Tan Sri Datuk Seri Tan Kean Soon said in a statement.

He added that the diversification into new revenue streams which provides recurring income was a priority, while efforts to replenish the order book continues.