CEO Morning Brief

T7 Global Gets Six-month Contract From Hibiscus Petroleum

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Publish date: Fri, 10 Jan 2025, 09:31 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Jan 9): Oil-and-gas services firm T7 Global Bhd (KL:T7GLOBAL) said on Thursday it has been awarded a six-month contract with undisclosed value.

The contract involves maintenance, construction, and modification (MCM) for Hibiscus Petroleum Bhd’s (KL:HIBISCS) production asset, T7 Global said in an exchange filing. The contract runs from Dec 19, 2024, and comes with an optional six-month extension at the client’s discretion.

T7 Global will be working at the block PM3 Commercial Arrangement Area located offshore in an overlapping zone between Malaysia and Vietnam for Hibiscus’ wholly owned subsidiary Hibiscus Oil & Gas Malaysia Ltd.

The announcement marks T7 Global’s second MCM contract this week, following its recent win from Carigali Hess Operating Company Sdn Bhd.

Shares of T7 Global closed unchanged at 49 sen at Thursday’s noon break ahead of the contract announcement, giving the company a market capitalisation of RM410.6 million.

Source: TheEdge - 10 Jan 2025

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