JVPC Hires Naga 3 Rig for Drilling Offshore Vietnam

JVPC Hire Naga 3 Rig for Drilling Offshore Vietnam

Malaysia’s UMW Oil & Gas has secured a drilling contract for its jack-up rig NAGA 3. The rig will be used by Japan Vietnam Petroleum Company (JVPC) to drill two wells offshore Vietnam.

The contract will start upon conclusion of the current contract the rig has with Petronas Carigali. JVPC will have two more options to extend the rig deal after completion of the first two firm wells. UMW said that the value of the firm contract was around USD 24 million.

Naga 3 is expected to begin working for JVPC in the first half of 2014. Also, the owner of the rig said that Naga 3 would undergo repairs on its ballast tanks in November 2013, adding that the repairs will not have any impact on its contractual obligations under the contract with Petronas Carigali.

Offshore Energy Today Staff, September 18, 2013