KUALA LUMPUR (April 3): Oil and gas services provider T7 Global Bhd (KL:T7GLOBAL) announced on Friday that its wholly owned unit, Tanjung Offshore Services Sdn Bhd, has secured a one-year work order from Vestigo Petroleum Sdn Bhd.

In a filing with the bourse, the company said the contract involves the disconnection and transportation of floating production, storage, and offloading (FPSO) Berantai from its offshore field. It will also tow the vessel to a designated dry dock facility for maintenance works as well as reconnect and commission all associated systems to restore full operational capability once the dry docking works are completed.

The work order is effective from March 18, 2026 to March 18, 2027.

The contract is expected to contribute positively to the group’s earnings and net assets for the financial year ending Dec 31, 2026 and onwards until the expiry of the contract. 

In Friday’s filing, the group said risk factors associated with the latest award include execution risks such as availability of skilled manpower, equipment and regulatory compliance requirements.

Nevertheless, it said Tanjung Offshore will undertake measures to mitigate the risks, citing its established track record and expertise in executing similar contracts.

Shares of T7 Global were unchanged at 25.5 sen at Friday's noon break, valuing the group at RM234.7 million.