KUALA LUMPUR (March 12): Petronas Carigali Sdn Bhd has awarded T7 Global Bhd's wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd an umbrella contract for the provision of a 600K hydraulic workover unit. Petronas Carigali is the upstream arm of Petroliam Nasional Bhd (Petronas).

T7 said in a Bursa Malaysia filing today that the three-year contract, which has been taken effect since Feb 6, 2018, will expire on Feb 5, 2021. The contract comes with a one-year extension option, according to T7.

"The umbrella contract price shall be as per work order request, at the full discretion of Petronas Carigali. As such, there is no firm value for the umbrella contract. Tanjung Offshore Services or the company (T7) will obtain consent from Petronas Carigali, before making the required announcement pursuant to the Bursa Malaysia Securities Bhd Main Market listing requirements, when a material sum of work order is received under the umbrella contract.

"The umbrella contract is conditional upon Tanjung Offshore Services maintaining a valid license with Petronas," T7 said.

At 12:30pm today, T7 shares settled at 59 sen for a market capitalisation of RM247.48 million. The stock saw some five million shares traded.