Results were weighed down by the drilling services and oilfield services segments that reported lower revenues mainly due to softer time charter rates from drilling contracts and weaker demand for oilfield services
PETALING JAYA: UMW Oil & Gas Corp Bhd (UMW-OG), which ceased to be a subsidiary of UMW Holdings Bhd
last month, reduced its loss to RM50.99mil in the second quarter (Q2) ended June 30 from RM67.25mil a year earlier.
This marked the first quarter in more than two years that the company has showed a year-on-year improvement in its bottom-line results.
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