KUALA LUMPUR (July 15): Oil and gas services firm T7 Global Bhd (KL:T7GLOBAL) has on Tuesday secured a six-month contract extension from Hibiscus Petroleum Bhd (KL:HIBISCS) for the provision of maintenance, construction and modification (MCM) services.
T7 Global said the extension was awarded to its wholly owned subsidiary Tanjung Offshore Services Sdn Bhd on June 11 by Hibiscus’ unit Hibiscus Oil & Gas Malaysia Ltd, according to the group's filing with Bursa Malaysia. The contract — for work in the Malaysia-Vietnam Commercial Arrangement Area (PM3-CAA) — will run from June 19 to Dec 18, 2025.
T7 Global was first awarded the initial six-month job in January 2025 for offshore MCM works on Hibiscus’ production asset in the PM3-CAA block.
The PM3-CAA is located offshore in an overlapping area between Malaysia and Vietnam. Hibiscus Oil & Gas Malaysia holds a 35% direct ownership stake in the block, with a licence tenure valid until 2027.
T7 Global said the contract is expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2025 (FY2025).
Shares in T7 Global rose half a sen or 1.96% to 26 sen at Tuesday’s midday break, valuing the company at RM239.27 million. Meanwhile, Hibiscus shares declined two sen or 1.24% to RM1.59, giving it a market capitalisation of RM1.17 billion.