T7 Global bags 5-year contract from Repsol Oil & Gas

Offshore oilfield service provider T7 Global Bhd's unit Tanjung Offshore Services Sdn Bhd has clinched a five-year contract from Repsol Oil & Gas Malaysia Ltd to provide maintenance, construction and modification services at two production blocks.

The letter of award, dated Dec 19, 2019, was to service PM-3 commercial arrangement area (PM3-CAA) at the Malaysia-Vietnam border and PM-305 offshore Terengganu, T7 said in a filing with Bursa Malaysia today.

The value of the contract would be as per work order request by Repsol Oil, it said.

T7 said the contract would have no effect on the issued and paid-up capital of the company and was expected to contribute positively towards the group's earnings and net assets per share for the financial year ending Dec 31, 2020.

Source: BERNAMA