KUALA LUMPUR (Jan 4): Oil and gas service provider T7 Global Bhd's wholly owned subsidiary Tanjung Offshore Services Sdn Bhd has secured a 10-year contract from Petronas Carigali Sdn Bhd for the leasing, operation and maintenance of a mobile offshore production unit (MOPU) for Phase 2 of the Bayan gas redevelopment project.

T7 Global did not reveal the value of the charter contract, inked on Nov 25, 2020, other than saying it is based on prices stipulated in the contract, and that the agreement's effective date is Feb 1, 2020.

"The Bayan MOPU contract from Petronas Carigali serves as a testament of T7 Global's capabilities in the oil and gas industry. This project marks a major milestone for the group in expanding its portfolio as an energy solutions provider.

"We are excited to continue working on this project despite the current challenging outlook for the oil and gas industry. I would like to thank Petronas Carigali for believing in us and we will do our best in delivering the project according to specifications and timeline," said T7 Global chairman Datuk Seri Dr Nik Norzrul Thani N Hassan Thani in a stock exchange filing.

The company expects the contract to contribute positively towards its earnings and net assets per share for the financial year ending Dec 31, 2020 and onwards.

Shares of T7 Global slipped 0.5 sen or 1.15% to close at 43 sen today, for a market capitalisation of RM228.7 million.