T7 Global wins six-month offshore job extension from Hibiscus Petroleum

PETALING JAYA: T7 Global Bhd has secured a six-month contract extension from Hibiscus Petroleum Bhd for the provision of maintenance, construction and modification services.

In a filing with Bursa Malaysia, the oil and gas company said the extension was awarded to its wholly- owned subsidiary Tanjung Offshore Services Sdn Bhd by Hibiscus’ unit Hibiscus Oil & Gas Malaysia Ltd.

“The award will have no effect on the total issued share capital and shareholdings of the substantial shareholders of the company.”

T7 Global said it envisages the award will contribute positively to its earnings and net assets for the financial year ending Dec 31, 2025.

It said risk factors affecting the award include, amongst others, execution risks such as availability of skilled manpower, equipment and regulatory conditions.

“Nevertheless, Tanjung Offshore 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.”