KUALA LUMPUR (Oct 20): T7 Global Bhd's unit has secured a work order from Hibiscus Oil & Gas Malaysia Ltd to undertake well workover and plug and abandonment services.

The two-year work order was awarded to Tanjung Offshore Services Sdn Bhd under the Pan Malaysia Umbrella Contract, on a call-out basis, said T7 Global in a statement.

"Under the Pan Malaysia Umbrella Contract, Tanjung Offshore will be participating in upcoming jobs for integrated well services for well workover and well abandonment from PACs (petroleum arrangement contractors) in Malaysia," the group said.

T7 Global group chief executive officer Tan Kay Zhuin said integrated well services, which cover both production wells and abandonment of old wells, would form part of the group's long-term energy solutions for offshore operators.

"Over the next few years, we aim to secure more similar jobs by providing innovative well solutions to other offshore operators in the region," he said.

Shares of T7 Global settled unchanged at 33 sen on Thursday (Oct 20), giving the group a market value of RM249.83 million.