For UMW Oil & Gas president Rohaizad Darus, cash flow is a top priority for the company
KUALA LUMPUR: UMW Oil & Gas Corp Bhd (UMW-OG) is bidding for 33 jobs worth a combined value of RM3.2bil.
The oil and gas services provider said on Monday of the total jobs being tendered for its jack-up rigs, 20 were based overseas and 13 were local jobs.
According to UMW-OG president Rohaizad Darus, the company would likely achieve a utilisation rate of around 90% in the coming years based on the number of jobs being tendered.
He noted that with the two contracts UMW-OG just secured from Petronas Carigali Sdn Bhd worth US$34.81mil or RM151.07mil to provide services to its firm and optional wells, the company would achieve a utilisation rate of 100% by the second half of 2017.
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