T7 Global Bhd has announced that its subsidiary, T7 Intelligent Resources Sdn Bhd, has been appointed as a panel contractor by Petroliam Nasional Bhd (PETRONAS) to provide third-party professional and support services.
In a filing with Bursa Malaysia, the oil and gas services group said the appointment is for a two-year period and covers services to the PETRONAS Group of Companies. The company noted that the award will not affect its issued share capital or major shareholders’ holdings. However, it is expected to contribute positively to earnings and net assets for the financial year ending Dec 31, 2026, subject to work orders being issued by PETRONAS.
The latest appointment adds to several contracts secured by T7 Global this year. On Jan 8, its unit Tanjung Offshore Services Sdn Bhd received a work order from PETRONAS Carigali Sdn Bhd for integrated well plug and abandonment services, along with project management team services, for the Zuhal East well. The contract runs from Nov 17, 2025 to March 31, 2026.
Previously, the group was also appointed as a panel contractor under PETRONAS’ Pan Malaysia contract for integrated well continuity services covering intervention, workover and abandonment activities.
T7 Global highlighted potential risks related to the new appointment, including the availability of skilled manpower, equipment readiness and compliance with regulatory requirements. Nonetheless, the group said it will mitigate these risks by leveraging its experience and technical capabilities in similar projects.
Shares of T7 Global closed unchanged at 28 sen on Friday, giving the company a market capitalisation of RM253.07 million. The stock has declined more than 8% year to date.
