KUALA LUMPUR (July 23): T7 Global Bhd (KL:T7GLOBAL) has received a letter of award (LOA) from Petronas Carigali Sdn Bhd to provide a low-cost jack-up drilling rig.

In a bourse filing on Tuesday, T7 Global said its unit Tanjung Offshore Services Sdn Bhd had received the LOA for the Petronas Carigali Plug and Abadonment Program (P&A).

The company, however, did not disclose the contract price.

It said the duration of the contract is from March 20 this year until completion of the 53 firm wells under the P&A.

T7 Global said the award will contribute positively to its earnings for the financial year ending Dec 31, 2024.

At the midday break on Tuesday, T7 Global was unchanged at 52 sen, with 5.47 million shares traded.