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T7 GLOBAL BERHAD [REGISTRATION NO. 200401023809 (662315-U)] T7 GLOBAL T7 GLOBAL B ERHAD • A Making a Difference NNUAL R EPOR T 2020 C-16-01, Level 16, KL Trillion Corporate Tower, Block C T7 GLOBAL 338, Jalan Tun Razak, 50400, BERHAD Kuala Lumpur, Malaysia ANNUAL REPORT REGISTRATION NO. 200401023809 (662315-U) Tel : +603 2785 7777 Fax : +603 2785 7778 Email : [email protected] 2020 Website : www.t7global.com.my TABLE OF CONTENTS Who We Are, Vision, Key Senior Additional Compliance Mission & Philosophy .................. 001 Management Profile .................... 017 Information .................................. 047 Corporate Information ................. 002 Sustainability Statement ............. 020 Financial Statements ................... 052 Group Corporate Structure ......... 003 Audit and Risk Management Notice of Committee Report ...................... 026 Annual General Meeting .............. 176 What We Do ............................... 004 Statement on Risk Management Administrative Details for Five Years Financial Calendar and Internal Control .................... 028 the Annual General Meeting ........ 184 and Highlights ............................ 006 Corporate Governance Analysis of Shareholdings ........... 189 Chairman’s Statement ................ 007 Overview Statement .................... 032 List of Properties ......................... 193 Management Discussion and Statement on Directors’ Analysis’ Statement .................... 009 Form of Proxy Responsibility for Preparing the Directors’ Profile ......................... 013 Financial Statements .................. 046 001 AR 2020 WHO WE ARE T7 Global Berhad (known as “T7 Global” or “The Group”) is a public listed company listed on the Main Market of Bursa Malaysia Securities Berhad since 2005. The company has its roots in the oil and gas business since 1990 and is well known as an integrated oil and gas solutions provider. The Group’s experience in complex projects and innovative solutions proved to be invaluable in the increasingly challenging landscape. With decades of industry experience, this allows the Group to expand its footprint into the international markets and T7 Global has grown to become a trusted brand. The Group continues to expand business expertise and diversity into different portfolio such as aerospace and construction through strategic acquisitions and smart partnerships. T7 Global focuses on making a difference in the industries we serve. As a leading solutions provider in Asia, we offer support to industry and organisations around the world. VISION MISSION & PHILOSOPHY To be a trusted partner To support the different which make a difference industries we serve by on the global stage. becoming the preferred integrated solutions provider through continuous innovation, smart partnerships and value creation. www.t7global.com.my 002 T7 GLOBAL BERHAD REGISTRATION NO. 200401023809 (662315-U) CORPORATE INFORMATION BOARD OF DIRECTORS 1. Datuk Seri Dr. Nik Norzrul Thani 5. Admiral Tan Sri Dato’ Seri Panglima Ahmad Bin Nik Hassan Thani Kamarulzaman Bin Hj Ahmad Badaruddin (R) 2. Tan Sri Datuk Seri Tan Kean Soon, J.P. 6. CP (R) Dato’ Sri Wan Ahmad Najmuddin Bin Mohd 3. Tan Sam Eng 7. Tan Sri Dato’ Sri Koh Kin Lip, J.P. 4. Tan Kay Vin (Appointed on 2 September 2020) 8. Mohd Noor Bin Setapa (Resigned on 30 June 2020) COMPANY SECRETARIES AUDITORS/REPORTING Al Rajhi Banking & Investment ACCOUNTANTS Corporation (Malaysia) Berhad Chua Siew Chuan GF, Mezzanine & Basement, East Block (MAICSA 0777689) Grant Thornton Malaysia PLT Wisma Golden Eagle Realty (SSM PC NO. 201908002648) (Audit Firm No.: 201906003682 & AF: 0737) 142-C Jalan Ampang, Tan Loo Ee Level 11, Sheraton Imperial Court 50450 Kuala Lumpur (MAICSA 7063694) Jalan Sultan Ismail Wilayah Persekutuan, Malaysia (SSM PC NO. 201908002686) 50250 Kuala Lumpur Wilayah Persekutuan, Malaysia Tel : 03-2692 4022 REGISTRAR REGISTERED OFFICE Fax : 03-2732 1010 Tricor Investor & Level 7, Menara Milenium Issuing House Services Sdn Bhd Jalan Damanlela Unit 32-01, Level 32, Tower A PRINCIPAL BANKERS Pusat Bandar Damansara Vertical Business Suite, Avenue 3 Damansara Heights Malayan Banking Berhad Bangsar South, No. 8, Jalan Kerinchi 50490 Kuala Lumpur No. 2 Wisma Prima Peninsular 59200 Kuala Lumpur Wilayah Persekutuan, Malaysia Jalan Setiawangsa II Wilayah Persekutuan, Malaysia Tel : 03-2084 9000 Taman Setiawangsa Tel : 03-2783 9299 Fax : 03-2094 9940 54200 Kuala Lumpur Fax : 03-2783 9222 Wilayah Persekutuan, Malaysia Email : [email protected] Website : www.tricorglobal.com HEAD/MANAGEMENT OFFICE United Overseas Bank (Malaysia) Berhad C-16-01, Level 16, KL Trillion Level 7, Menara UOB STOCK EXCHANGE LISTING Corporate Tower, 338 Jalan Tun Razak Jalan Raja Laut, 50350 Kuala Lumpur 50400 Kuala Lumpur Wilayah Persekutuan, Malaysia Main Market of Wilayah Persekutuan, Malaysia Bursa Malaysia Securities Berhad CIMB Bank Berhad Tel : 03-2785 7777 Petronas Twin Tower Fax : 03-2785 7778 405, Persiaran Petronas STOCK INFORMATION 50088 Kuala Lumpur Wilayah Persekutuan, Malaysia Stock Name : T7GLOBAL Stock Code : 7228 Bloomberg Code : T7G MK 003 AR 2020 GROUP CORPORATE STRUCTURE 100 % T7 SERVICES SDN BHD 199101016724 (227036-V) 100 % T7 NEWENERGY SDN BHD 100 199701006449 (421945-H) % TANJUNG OFFSHORE SERVICES SDN BHD 198301005074 (100697-T) 100 T7 INTELLIGENT RESOURCES SDN BHD % (formerly known as Fircroft Tanjung Sdn Bhd) 201401027200 (1103286-X) AGENSI PEKERJAAN T7 INTELLIGENT 100 RESOURCES SDN BHD % (formerly known as Agensi Pekerjaan T7 Fircroft Sdn Bhd) 202001025154 (1381474-T) 100 % T7 SOLUTIONS SERVICES (S) PTE LTD (201012762N) 100 100 % T7 GASTEC SDN BHD % UNIVERSAL GAS GENERATORS SDN BHD 199401023619 (309300-K) 199601038686 (411039-P) 100 100 % T7 CSI INTEGRATED SDN BHD % T7 WENMAX SDN BHD 200601032298 (752057-X) 199901022900 (497800-T) 100 45 % T7 RESOURCES SDN BHD % T7 SOLUTIONS SERVICES (Thailand) Co., Ltd. 201301012317 (1042155-V) (0105551009806) 92.5 100 % T7 GENERATIONS SDN BHD % T7 SOLUTIONS SDN BHD 201801036414 (1298444-A) 200901006153 (849109-H) 100 100 % TCM INNOVATIONS SDN BHD % T7 SERVICES AUSTRALIA PTY LTD 201801044312 (1306344-U) (621094086) 100 % T7 MARINE SDN BHD 200601032072 (751831-T) 55 % T7 SUBSEA SDN BHD 201801028378 (1290404-K) 100 % T7 PROPERTY SDN BHD 201601027073 (1198012-T) 70 % T7 KEMUNCAK SDN BHD 201601031638 (1202579-U) 51 T7 CHINA CONSTRUCTION THIRD % ENGINEERING SDN BHD 201801001827 (1263840-D) 60 % T7 KILGOUR SDN BHD 100 % T7 AERO SDN BHD 201701016010 (1230174-D) 201601028474 (1199413-D) 100 % T7 VECTOR SDN BHD 201901037487 (1346817-P) www.t7global.com.my 004 T7 GLOBAL BERHAD REGISTRATION NO. 200401023809 (662315-U) WHAT WE DO T7 Global Berhad (“T7 Global”) is an investment holding company with its subsidiaries diversified into 3 sectors as follows:- Our main activities consist of maintenance, construction and modification (MCM), offshore splash zone maintenance, and brownfield commissioning. T7 Energy recognises the need for brownfield rejuvenation as many offshore and onshore assets are maturing in the region. T7 Energy believes an integrated approach to facility maintenance is crucial to ensure good production uptime. Professional Manpower Supply ENERGY T7 Intelligent Resources Sdn Bhd (formerly ENERGY known as Fircroft Tanjung Sdn. Bhd.) T7 Global’s Energy Division (“T7 Energy”) provides a full suite of skilled recruitment • Engineering, Procurement, offers turnkey engineering, procurement, and manpower services to a variety of Construction, Installation & construction, installation and commissioning industries, upstream and downstream Commissioning (EPCIC) (EPCIC) solution, maintenance, construction oil & gas, ICT, renewable energy, rail and and modification services (MCM), oil & • Operation & Maintenance infrastructure. gas well services, subsea services and Since inception we have specialised • Professional Manpower Supply engineered process equipment across the in providing technical resources to our • Engineering & Integrated energy value chain. Solutions customers for projects or campaigns. T7 Energy has in-house capability to design Additionally, we possess a strong track • Subsea Services and engineer solutions which are applicable record in senior corporate hiring with a • Wells and Decommissioning to various industries. number of customers returning to use our • Special Purpose Market Detailed description for Energy Segment:- services time and again. In our business it’s the people that make the Engineering, Procurement, Construction, difference. Our focus is to identify, attract Installation and Commissioning (EPCIC) AEROSPACE & and onboard the very best people for our DEFENCE T7 Energy provides turnkey EPCIC and customers and to provide the highest level • Metal Surface Treatment project management solutions for complex of service. greenfield and brownfield projects. ■ Surface Treatment Engineering and Integrated Solutions Notably, T7 Energy Specialises in EPCIC of ■ Non-Destructive Testing T7 Energy offers a wide range of specialist Floating and Mobile Offshore Facility (MOPU (NDT) products solutions across the oil and gas, and FPSO). This plug and play solution oleo-chemical, marine, petrochemical and ■ Chemical Processing enable the commercial viability of hard to general industries. Exclusive partnerships ■ reach fields. T7 Energy has track record in Painting and Marking with reputable technology companies developing and operating mobile asset of ■ Sub-Assembly enable T7 Energy to leverage on the various functions such as early production