UMW Oil & Gas: Profit Down Due to Naga 1 Rig Downtime (Malaysia)

Malaysia’s UMW Oil & Gas has reported a drop in revenue and profit for the first quarter 2013.

The company’s revenue of RM178.7 million was RM97.3 million or 35.3% lower than RM276.0 million recorded in the previous corresponding quarter. The profit declined by RM19.6 million or 45.5% from RM43.1 million to RM23.5 million.

The lower revenue and profit was largely attributable to 72 operating days of Naga 1 rig  due to the refurbishment works. For comparison, in the first quarter of 2012 the rig was in operation for 91 days. Also, the company said that the results were affected by the lower revenue from the trading of oilfield products and services.

“UMW Oil & Gas is expected to improve for the remaining quarters of 2013 from the full contributions of refurbished Naga 1, Naga 2 with a higher daily operating rate, Naga 3 and additional contribution from the new Naga 4,” said the company in a press release.