KUALA LUMPUR: T7 Global Bhd
's unit is partnering Hong Kong's DIV Diving Engineering Company Ltd and Singapore's Conerstore Offshore Pte Lrd to carry out underwater subsea engineering services for Malaysia's oil and gas industry.
The companies have formed a special purpose vehicle called T7 Subsea Sdn Bhd with an initial share capital of RM200,000.
T7 Marine Sdn Bhd will hold 55% equity interest in the SPV while DIV Diving will own 30% with the remaining going to Cornerstone.
“This new venture would provide an opportunity for T7 Global to expand its subsea and underwater activities in oil and gas industry.
"We are confident that both the companies have the relevant expertise in the industry that would be a key element for the Group to grow further in the oil and gas industry,” said Datuk Seri Nik Norzul Thani N Hassan Thani, chairman of T7 Global.