The wholly-owned subsidiary of T7 Global, Tanjung Offshore Services (TOS) entered into a charter and operation & maintenance contract with Busrakham G11 Limited on 5 September for the Provision of Leasing, Operation and Maintenance of Mobile Offshore Production Unit (MOPU) in Nong Yao Field, Southern Gulf of Thailand (Contract).
Based on the management’s best estimates and the agreed rates as stipulated in the Contract, the value of the Contract is approximately RM400 million.
TOS shall be responsible for the engineering, procurement, construction, installation and commissioning of the MOPU and the subsequent leasing, operation and maintenance of the MOPU for a period of five years with an
extension of two years, under the said contract.
“This is our third MOPU project, where the first being a converted Cendor MOPU for Petrofac and the second being a newbuild Bayan MOPU for PETRONAS Carigali,” said T7 Global Group Chief Executive Officer, Mr Tan Kay Zhuin.
“Our MOPU solution is a build-own-operate concept, which allows offshore operators to enable fast-track production in marginal fields and/or to enhance hydrocarbon recovery in mature fields, with a reduced exposure in their initial capital expenditure. Looking at our recent achievements, we are confident in delivering on our promise in consistently securing major contracts and we are exceptionally proud of this achievement as it is a win abroad,” Tan added.
“We are optimistic that T7 Global is now positioned as one of the leading MOPU solution providers in the region,” he remarked.
“With this Contract in hand, our order book has increased to RM2.6 billion and our Energy Division will be expanding over the next couple of years through the execution of our existing projects,” he elaborated.
According to Offshore-technology.com, Nong Yao oil field is situated in the G11/48 concession in the southern Gulf of Thailand, approximately 165 km off the coast of Thailand, in a water depth of approximately 75 metres.
The G11/48 development block, including the Nong Yao discovery, is owned by Mubadala Petroleum (67.5%), KrisEnergy (22.5%) and Palang Sophon (10%). Mubadala Petroleum operates the Nong Yao field.
To recap, Mubadala Energy is the country’s second largest crude oil operator in the Gulf of Thailand.
