KUALA LUMPUR: T7 Global Bhd's subsidiary, Tanjung Offshore Services Sdn Bhd has received a contract from Petronas Carigali Sdn Bhd for the provision of low-cost jack-up drilling rig for Petronas Carigali Plug & Abandonment programme for an undisclosed amount.
In a filing with Bursa Malaysia Securities, T7 Global said the contract runs from the effective date until completion of the 53 firm wells under the programme.
"In full consideration of Tanjung Offshore performing the works and the fulfilment of Tanjung Offshore's other obligations under the contract, Petronas Carigali shall subject to the provisions of the contract, pay to Tanjung Offshore in accordance with the contract price as specified in the Letter of Award," it said.
The contract is expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2024.
T7 Global's share price was down 0.96 per cent or half a sen to 52 sen at midday, bringing its market capitalisation to RM417.14 million.