Kuala Lumpur, 17 November 2021 – Energy solutions provider T7 Global Berhad has
secured two contracts worth a combined value of approximately RM150 million under its
energy division for integrated well services and operations and maintenance businesses.
In a media statement, the Group said that the letters of award were from:
• Petronas Carigali Sdn. Bhd. (“PETRONAS Carigali”) for the provision of plug and
abandonment integrated services for M3 oilfield, valid from 14 October 2021 to 31
December 2022 (“M3 Award”); and
• PTTEP Sabah Oil Limited and/or PTTEP Sarawak Oil Limited and/or PTTEP HK Offshore
Limited (collectively referred to as the “PTTEP Group”) for the provision of Gastec
nitrogen generator maintenance services and spare parts, valid from 2 July 2021 to 1
July 2023 (“PTTEP Award”).
The M3 Award was awarded to Tanjung Offshore Services Sdn. Bhd. (“Tanjung Offshore
Services”) under the Pan Malaysia Umbrella Contract for the provision of integrated well
services for intervention, workover and abandonment for PETRONAS and Petroleum
Arrangement Contractors (“PACs”) back on 20 September 2019. Under the Pan Malaysia
Umbrella Contract, Tanjung Offshore Services will participate in integrated well services works for workover and well abandonment in Malaysia.
“We are thankful for these awards from PETRONAS Carigali and the PTTEP Group. PTTEP Award shows our continuous commitment to provide after sales service and life-cycle solutions for Gastec On-site Nitrogen Generation System at their facility. On the Integrated Well Services side, M3 Award is our second project in succession from PETRONAS Carigali to plug and abandon ten (10) wells, following the previous work order award for Plug and Abandonment Integrated Services for Pulai-A project dated 29 March 2021. Pulai-A project was successfully completed with five (5) wells plugged and abandoned safety and ahead of time.
With M3 Award, we have cemented our position as an integrated well services player in
Malaysia and reaffirmed our technical capabilities to undertake complex offshore projects in the energy value chain. Integrated well services, which cover workover of producing wells and abandonment of old wells shall form part of T7’s long-term energy solutions. We are optimistic of the local oil and gas industry’s outlook with PETRONAS maximising its oil production in the short term and expects 500 wells to be permanently plugged by 2030. In the coming year, we aim to ride on our previous success to secure the next integrated well services job under the Pan Malaysia Umbrella Contract premised on our innovative well solutions and good project execution track record,” said T7 Global’s Chairman Datuk Seri Dr. Nik Norzrul Thani Bin N. Hassan Thani.
The awards are not expected to have any material effect on the total issued share capital of T7Global but is expected to contribute positively towards its earnings and net assets per share for the financial years ending 31 December 2021, 31 December 2022 and 31 December 2023.
