Tanjung Offshore, a subsidiary of T7 Global, has secured a contract extension from Hibiscus Oil & Gas to continue providing maintenance, construction, and modification (MCM) services for the PM3 Commercial Arrangement Area (PM3-CAA) oilfield.
The extension will see Tanjung Offshore maintain its role on the project until mid-December 2025, following the initial contract award in December 2024.
While the financial details of the deal remain undisclosed, T7 Global noted in a filing with Bursa Malaysia that the extension is expected to contribute positively to the company’s earnings and net assets for the financial year ending December 31, 2025.
The PM3-CAA oilfield is a transboundary project comprising three Malaysian and one Vietnamese production sharing contracts (PSCs). It includes a cluster of producing fields such as Bunga Orkid, Bunga Pakma, Bunga Raya, Bunga Seroja, Bunga Kekwa, Bunga Tulip, Bunga Lavatera, and Bunga Aster.
These fields are developed using fixed platforms, with gas pipelines connecting to both Peninsular Malaysia and Vietnam, while crude oil is exported via FSO Orkid and FSO PM3 CAA.
This latest contract strengthens Tanjung Offshore’s position as a key service provider in the Southeast Asian offshore energy market and underscores its ongoing partnership with Hibiscus Oil & Gas.