Posted by Jimmy Song > 2018-08-03 15:17 | Report Abuse

Oil and gas service provider T7 Global Berhad (“T7 Global” or the “Group”) via its unit T7 Marine Sdn Bhd (“T7 Marine”) today inked a shareholders agreement with Hong Kong-based DIV Diving Engineering Company Ltd (“DIV Diving”) and Singapore’s Cornerstone Offshore Pte Ltd (“Cornerstone”) to jointly form a Special Purpose Vehicle (“SPV”) named T7 Subsea Sdn Bhd to carry out underwater subsea engineering services for the oil and gas industry in Malaysia. Incorporated in 1999, DIV Diving is a leading Engineering, Procurement, Construction and Commissioning underwater solutions provider for oil and gas production facilities in China. Notable for its underwater business with more than 20 years of experience, DIV Diving has completed over 450 projects and is equipped with resources, not forgetting its highly skilled workforce. Meanwhile, Cornerstone is involved in the provision of subsea and seabed intervention solutions as well as project management that include installation and construction support, pipeline and cable burial services to the windfarm, energy, telecommunications, mining and oil and gas sectors. T7 Marine primarily involved in supporting the business localisation and providing operational support. The formation of the SPV will enable T7 Marine to leverage on DIV Diving’s and Cornerstone’s expertise, knowledge and support that would be an added advantage for T7 Subsea to secure underwater business contracts. With regard to the shareholdings structure, the three parties have agreed that the initial share capital of the SPV would be RM200,000 with each share issued at RM1.Therefore, T7 Marine will hold 55% equity interest or 110,000 shares, followed by DIV Diving owning 30% or 60,000 shares and the remaining by Cornerstone. Further working capital requirements will be review from time to time by the SPV. “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 Dr. Nik Norzul Thani bin N. Hassan Thani, Chairman of T7 Global Berhad.