UMW lands jack-up work with Petronas
- Business & Finance
Malaysia’s UMW Oil & Gas has received a conditional letter of award from the Malaysian energy giant Petronas for jack-up drilling rig services.
UMW said in a Bursa Malaysia filing on Wednesday that the contract is for the provision of drilling rig services using the Naga 7 jack-up rig for a duration of up to eighteen months.
UMW Naga 7 is an independent leg cantilever jack-up rig with a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
The financial effect of the contract is expected to contribute positively to the earnings and net assets of the UMW-OG Group for the financial period ending December 31, 2017.
Chinese CHMI shipyard built the rig in Shenzhen and delivered it to UMW-OG in January 2015. The rig’s first work was offshore Phillippines for Frontier Oil Corporation.
Offshore Energy Today Staff