KUALA LUMPUR (March 30): Integrated energy solution provider T7 Global Bhd has secured a contract from Petroliam Nasional Bhd (Petronas) for the provision of third-party professional and support services.

In a bourse filing on Wednesday (March 30), T7 Global said its manpower subsidiary T7 Intelligent Resources Sdn Bhd (T7IR) received the letter of award on Dec 15, 2021, adding that the provision of manpower is for the Petronas group of companies.

T7 Global said the contract spans a duration of three years from Dec 15, 2021 to Dec 14, 2024 and carries risk factors which include, among others, inadequate competent resources and non-compliance with statutory and regulatory requirements.

“Nevertheless, T7IR will undertake all the necessary efforts to mitigate the various risk factors identified as it has established track records and expertise to undertake and execute the award,” the group noted.

It also noted that the contract will contribute positively to the group’s earnings and net assets for the financial year ending Dec 31, 2022 and beyond.

In a separate statement, T7 Global chairman Datuk Seri Dr Nik Norzrul Thani N Hassan Thani thanked Petronas for its continuous support, adding that the group will continue to improve its capabilities to better serve its clients’ needs in the long term.

T7IR is principally involved in recruitment and people solutions for the energy, information and communications technology, banking, financial technology and construction industries, according to T7 Global.

“T7IR was formerly a 51% subsidiary of the company until February 2021, when the company took full control of T7IR,” it noted.

At the midday break on Wednesday, T7 Global shares were down half a sen or 1.41% at 35 sen, giving the group a market capitalisation of RM261.29 million.