UMW confirms rig contract with ConocoPhillips
- Business & Finance
Following Offshore Energy Today’s report last week on UMW securing a rig contract with ConocoPhillips, the Malaysian drillers has now officially confirmed the deal.
UMW said in a Bursa Malaysia filing on Monday that the contract for the provision of the jack-up drilling rig Naga 4 was awarded by ConocoPhillips Sarawak Limited (COPSK), a subsidiary of ConocoPhillips.
The driller said that the contract for the UMW Naga 4 was for two firm wells, with the option of two additional wells. The value of the contract for the firm well is estimated at $6.8 million.
The activities on the first well will begin in the second quarter of 2018, off the coast of Sarawak, Malaysia.The drilling activities for the well are expected to take about 50 days.
As for the UMW Naga 4, it is an independent-leg cantilever jack-up that has a drilling depth capability of 30,000 feet and a rated operating water depth of 400 feet.