T7 Global expects 50pct revenue contribution annually from Bayan MOPU

Publish date: Thu, 08 Sep 2022, 03:11 PM
KUALA LUMPUR: Energy solutions provider T7 Global Bhd expects the Bayan Mobile Offshore Production Unit (MOPU) to contribute 50 per cent to the company's revenue annually, group chief executive officer Tan Kay Zhuin said.
He said Bayan MOPU is expected to start contributing to the company's revenue in the last quarter of 2022.
"As Bayan MOPU is at the end stage of construction, we will actively explore other opportunities in the region to ensure continuous growth," he told reporters after the Bayan MOPU naming ceremony here today.
He said the company is also targeting to achieve RM500 million in annual revenue within the next five years.
Tan said once installed at the Bayan field offshore Sarawak, and upon first gas, the MOPU would be leased to Petronas Carigali Sdn Bhd for Bayan Redevelopment Project Gas Phase 2 for 10 years until 2032.
Moving forward, he said T7 Global is looking to provide MOPU solutions in Malaysia and the Southeast Asian region.
"We have set a target of getting one major contract every two years. This would be the KPI for the group itself to actually hit," he said.
Chairman Datuk Seri Nik Norzul Thani N Hassan Thani said the company is looking to build more MOPU in the future, thus, adding more projects to its pipeline.
"It is an area that we want to focus on. I think we have the expertise and this is by far the most challenging MOPU that we have done," he said.
Currently, he said the company has an order book of RM2.2 billion and a tender book of RM2.4 billion with the majority of the bids in the oil and gas sector followed by construction and aerospace.
"For this year, when things are moving, the oil prices have recovered slightly, we will at least target the same amount of work that we have secured last year.
"This year with the work volume and everything else has increased and people confidence is back. Obviously, projects that might come to T7 Global will be there," he added. - Bernama

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