T7’s unit secures 10-year project with Petronas Carigali

KUALA LUMPUR, Jan 4 — T7 Global’s wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd has been appointed by Petronas Carigali Sdn Bhd in relation to the provision of leasing, operation and maintenance of mobile offshore production unit for the Bayan Redevelopment Project Gas — Phase 2.

In a filing with Bursa Malaysia today, T7 said the value of the 10-year contract is based on the prices stipulated in the contract, effective Feb 1, 2020.

“The risk factors affecting the contract include, among others, execution risks such as availability of supplies, equipment and regulatory conditions.

“Nevertheless, Tanjung Offshore will undertake all the necessary efforts to mitigate the various risk factors identified,” it said.

It added that throughout the years, Tanjung Offshore has established its track record and expertise to undertake and execute similar projects.

“The contract will have no effect on the total issued share capital of the company. It is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending Dec 31, 2020, and onwards,” it said. — Bernama

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