UMW Oil and Gas expects to turn around

In its published note, the research house noted that UMW was actively negotiating to divest some of its remaining 14 unlisted O&G assets, following the disposal of Arabian Drilling services in Oman and a China O&G asset.

KUALA LUMPUR: UMW Oil and Gas Corporation Bhd ( UMW-OG) is cautiously optimistic of making a turnaround in the current fiscal year if the last year's positive momentum continues.

Chairman Datuk Abdul Rahman Ahmad said the company had registered positive results in its third and fourth quarters of last year, recording profits since 2015.

“We believe the company is on a strong trajectory to move forward, and we are pleased with the continuing strength of oil prices.  

“We hope that this would encourage greater capital expenditure by oil and gas companies which in turn would mean an increase in demand for our oil rigs,” he told reporters after the company's annual general meeting here on Tuesday. - Bernama
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