CIMB Research said demand for jack-up rigs in Asean has more than halved since 2014
UMW Oil and Gas’s has four jack-up rigs that are currently without work (Naga 2, 3, 5, 6), hence only three of out seven units are employed. Naga 7, which is on charter to Petronas since November 2015, may end its charter during 2H16 after drilling up to eight wells, with each well taking at least one month.
For Malaysia, the forecast is for demand to fall from 15 units of jack-up rigs in 2014, to just eight units in 2016 and down even more to about six units in 2017. Competition to secure work is intense.
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