Petronas Hires Jack-Up Rig from UMW (Malaysia)

Malaysia’s UMW has today entered into a contract with Petronas Carigali Sdn Bhd for the provision of UMW’s Jack-Up Drilling Rig “NAGA 4” for PCSB’s domestic operations within Malaysian waters for a contract value of approximately USD 157.68 million being consideration for performance of the Scope of Works as described in the Contract.

NAGA 4 is an independent leg cantilever 400 feet B Class mobile offshore self-elevating drilling unit, with a water depth and drilling depth of 400 feet and 30,000 feet, respectively.

The contract is for a duration of three (3) years, commencing from the date of the Contract when NAGA 4, complete with all equipment, materials and personnel required for drilling operations, arrives at the Mobilisation Site, and is positioned, anchored, rig up and successfully function-tested and pressure-tested and accepted by PCSB, with an additional two-year option for renewal.

The contract is expected to contribute positively to the earnings and net assets of UMW for the financial year ending 31st December 2013 and beyond.