PETALING JAYA: There was no year-end respite for battered oil and gas (O&G) service providers, as Petroliam Nasional Bhd (Petronas) signals lower demand for their services over the next three years despite recovery in the price of crude oil.
Share prices of key companies involved in the jack-up rig business such as UMW Oil & Gas Corp Bhd (UMWOG) and Sapura Energy Bhd
saw extended losses yesterday on news that Petronas is halving its rig requirement.
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