UMW Oil and Gas gets Petronas Carigali contract

CIMB Research said demand for jack-up rigs in Asean has more than halved since 2014

KUALA LUMPUR: UMW Oil & Gas Corporation Bhd's unit (UMW-OG) has secured a contract from Petronas Carigali to provide jack up drilling rig services. 

It said on Wednesday UMW Offshore Drilling Sdn Bhd had received the conditional letter of award and it would assign its UMW NAGA 7 for this contract. 

The contract is for up to 18 months. However, the value of the contract was not disclosed.

UMW NAGA 7 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.

“The provision of the above mentioned services is expected to contribute positively to the earnings and net assets of UMW-OG Group during the contract period for the financial period ending Dec 31, 2017,” it said.