Malaysia-based T7 Global Bhd, an offshore services company, has launched a fundraising effort to finance new oil and gas contract opportunities. The firm is considering a private placement comprising of 20 per cent of T7 Global’s total issued shares to third-party investors. The issue price will be determined in the future.
The fundraising round is expected to generate approximately RM44 million. Of the total, 78 per cent of the proceeds will be used to finance a contract with Petronas Carigali Sdn Bhd (Petronas) for the provision of plug and abandonment integrated services for the Pulai-A project, offshore Malaysia. The remaining shares will be used for pursuing other energy contracts including a mobile offshore production unit and construction projects.