UMW-OG rigs to be fully utilised, but earnings seen to be under pressure

New chairman: (from left) Rohaizad, UMW-OG’s outgoing chairman Tan Sri Asmat Kamaludin, new chairman Datuk Abdul Rahman Ahmad and CFO Wai Thuy Fong at the AGM.

KUALA LUMPUR: While UMW Oil & Gas Corp Bhd (UMW-OG) will achieve full utilisation of its seven jack-up drilling rigs by the second half of this year, the oil and gas (O&G) service provider expects its earnings to remain under pressure due to subdued charter day rates.

According to UMW-OG president Rohaizad Darus, the group will not discount the possibility of further impairments this year due to the sluggish charter rates.