It said on Monday its unit Tanjung Offshore Services Sdn Bhd was awarded the three-year contract on Feb 6 which expires on Feb 5, 2021, with an option to extend for an additional year.
“The umbrella contract price shall be as per work order request, at the full discretion of Petronas Carigali. As such, there is no firm value for the umbrella contract,” it said.
T7 Global said the umbrella contract would hinge on Tanjung Offshore maintaining a valid licence with Petroliam Nasional Bhd.
It also pointed out the risk factors affecting the umbrella contract include delay in work order received from Petronas Carigali.
It also added it was Petronas Carigali's prerogative to decide the timing of the required services.
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