KUALA LUMPUR (Apr 27): T7 Global Bhd, formerly known as Tanjung Offshore Bhd, has been awarded an extension of a one-year contract with Petronas Carigali Sdn Bhd for the provision of construction work request (CWR) worth about RM200 million.

The company told the stock exchange it had also won a RM15 million contract from Sarawak Shell Bhd for the provision of professional manpower under an umbrella contract.

In a press release, T7 Global said that Fircroft Tanjung Sdn Bhd (Fircroft), an associate of Tanjung Offshore Services Sdn Bhd, had received a letter of award from Sarawak Shell.

Fircroft is required to provide 100% of the local manpower that will be deployed for the duration of the contract, which is two years with a one-year extension option, commencing on March 1, 2017.

“This contract validates the expertise and capability of T7 Global as an international offshore oilfield service provider. We are proud that this newly awarded contract resound the trust in our working relationship with Sarawak Shell Bhd. We will be vigilant in meeting all parameters to ensure a successful delivery for this contract,” Mohd Sabri Ab Ghani, chief executive officer of Tanjung Offshore said.

As for the contract extension awarded from Petronas Carigali, a wholly-owned exploration and production (E&P) subsidiary of Petronas for CWR, Tanjung Offshore was initially offered the contract on Jan 15, 2015 for a two-year contract period until Jan 14, 2017.

With this award, Tanjung Offshore will continue to perform its obligations under the contract with a one-year extension period effective from January 16, 2017 until January 15, 2018.

“The contract extension will continue to contribute positively to the earnings of the group for the financial year ending Dec 31, 2017,” it said.

As of closing, T7 Global gained by 3.80% to 41 sen with 717,800 shares traded, giving it a market capitalization of RM156.4 million.