KUALA LUMPUR (Jan 6): Offshore oil and gas services provider T7 Global Bhd (KL:T7GLOBAL) announced on Monday it has bagged a contract to undertake maintenance, construction and modification (MCM) services for an undisclosed value.

The contract was awarded to its wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd, by Carigali Hess Operating Company Sdn Bhd, according to the company’s filing with Bursa Malaysia.   

The contract, dated Dec 19, 2024, will commence on Jan 15, 2025, for an initial duration of three years, with an option to extend for an additional two years.

“The board envisages that the award will contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2025 and onwards until the expiry of the contract,” T7 Global added.  

For the nine months ended Sept 30, 2024 (9MFY2024), T7 Global reported a net profit of RM26.65 million, a 42.53% increase from RM18.7 million in the corresponding period last year. Revenue for the period rose 36.82% to RM458.94 million from RM335.43 million a year earlier.

The improvement in earnings was driven by robust performance in the group’s industrial solutions segment, which offset a weaker showing from its energy services division.

At the noon market break on Monday, T7 Global’s shares closed unchanged at 49 sen, giving the company a market capitalisation of RM414.98 million.