KUALA LUMPUR (Dec 18): T7 Global Bhd (KL:T7GLOBAL) has been appointed by Petroliam Nasional Bhd (Petronas) as a panel contractor to provide integrated well continuity services for a five year term.

Under the pan-Malaysia appointment, which commenced on Oct 10, T7 Global is to provide well intervention, workover and abandonment services for Sub-Package B1, Sub-Package B3 and Sub-Package D1, according to the offshore oil and gas services provider’s bourse filing on Wednesday.

The letter of appointment was awarded to T7 Global’s wholly owned unit Tanjung Offshore Services Sdn Bhd.  

T7 Global said the job is expected to contribute positively to the group's earnings for the financial year ending Dec 31, 2024 (FY2024) and onwards, until the contract’s expiry.

This is T7’s sixth pan-Malaysia win, after being appointed for the provision of maintenance, construction, modification, and hook-up and commissioning services across five contracts.

For the nine months ended Sept 30, 2024 (9MFY2024), T7 Global’s net profit grew 42.53% to RM26.65 million versus RM18.7 million in the same period last year, as revenue rose 36.82% to RM458.94 million from RM335.43 million.

The year-on-year improvement in earnings came as the group's industrial solutions segment’s improvement more than offset a weaker energy services segment.

Shares in T7 Global ended unchanged at 49 sen, valuing the group at RM410.83 million.