T7 Global unit inks deal with Mitsui to supply ships to Vietnam's Navy

KUALA LUMPUR, Sept 1  -- T7 Global Bhd's wholly-owned unit, T7 Marine Sdn Bhd has inked a deal with Mitsui E&S Shipbuilding Co Ltd to explore new business opportunities to supply ships to Vietnam's navy and coast guard.

In a filing with Bursa Malaysia today, T7 Global said both T7 Marine and Mitsui E&S entered into a Memorandum of Agreement (MoA) on Aug 27, 2020 to collaborate in various activities and explore new business opportunities for the supply of ships to Vietnam's navy and coast guard.

"The agreement shall be effective from Aug 27 for three years with an option to renew for another year," said the integrated oil and gas service provider.

According to T7 Global, the agreement would provide initiatives for both parties to establish a collaboration based on the respective party’s expertise and strengths to explore opportunities in the vessel business in Vietnam.

It added that the agreement is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the company for the financial year ending Dec 31, 2020. 

"Should the collaboration materialises, it is expected to contribute positively to the company’s future earnings," it said.




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