T7 Global secures three-year HUC contract from PETRONAS-Eni venture
The contract covers work in Peninsular Malaysia until Sept 26, 2029. Its value was not disclosed.
T7 Global Bhd said its wholly owned subsidiary, Tanjung Offshore Services Sdn Bhd, has secured a three-year contract for hook-up and commissioning (HUC) work in Peninsular Malaysia from Searah (Malaysia) Sdn Bhd, a PETRONAS-Eni joint venture.
In a bourse filing on Oct 28, the group said the subsidiary received the award on Aug 25. The customer approved disclosure on Oct 27, allowing T7 Global to announce the contract. No contract value was provided.
The work began on Aug 21 under package C1 and is scheduled to end on Sept 26, 2029. The C1 designation identifies HUC work undertaken in Peninsular Malaysia.
HUC work connects new oil and gas facilities to power supplies, piping and control systems. Testing then checks that the facilities can operate safely before production starts.
Searah (Malaysia), previously named Seara Energy Sdn Bhd, is owned through a 50:50 joint venture between PETRONAS and Italy-based Eni SpA. It operates 19 gas-producing and development assets across Malaysia and Indonesia.
T7 Global expects the award to support earnings and net assets. It identified equipment availability, access to skilled workers and regulatory conditions as potential risks.
At the Oct 28 noon break, the group's shares were unchanged at 24 sen, valuing it at RM244 million.
