KUALA LUMPUR: T7 GLOBAL BHD rose over 2% in early trade Monday after announcing a RM100mil contract win.
The counter rose 2.02%, or one sen to 50.5 sen with over two million shares traded. In the past one year, the counter has gained some 18.6%. It us currently trading at PE ratio of 26 times.
T7 Global's units have secured three contracts worth RM100mil in total.
T7 Global said Tanjung Offshore Services Sdn Bhd (TOS) had inked an agreement with VME Process Asia Pacific Pte Ltd for the provision of engineering, fabrication, procurement and supply of modular process packages in India.
It said the contract is from June 2019 and is expected to be completed in June 2020.
T7 Global said TOS had also received a service order from FPSO Ventures Sdn Bhd for the provision of remotely operated vehicles, diving support vessel, manpower and equipment for subsea services for FPSO BUNGA Kertas.
T7 Gastec Sdn Bhd has received a letter of award from PTS Resources Sdn Bhd for the supply, delivery, installation, testing and commissioning of battery system including its associate engineering services and accessories.
T7 Global said the contracts were expected to contribute positively to its earnings for the financial year ending Dec 31, 2019.