Sunday 05 May 2024
By
main news image

KUALA LUMPUR(Mar 10): UMW Oil & Gas Corp Bhd (UMW O&G)’s indirect wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd has been awarded a contract for the provision of a jack-up drilling rig by Vestigo Petroleum Sdn Bhd.

Vestigo, which is wholly owned by Petronas Carigali Sdn Bhd, is principally involved in the development and production of marginal fields in Malaysia.

UMW’s interest in UMW Offshore, which is involved in the offshore drilling business and operations in Malaysia and overseas, is held through its wholly-owned subsidiary UMW Malaysian Ventures Sdn Bhd.

In a filing with Bursa Malaysia this evening, UMW said that it has received a letter of award from Vestigo for the contract to provide drilling rig services for Vestigo’s drilling programme.

The contract is to drill one firm well, and it commences at the end of this month.

UMW O&G will assign its independent-leg antilever jack-up rig UMW NAGA 2 for the contract. The UMW NAGA 2 has a drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.

UMW did not provide the value of the contract, but said that it is expected to contribute positively to the earnings and net assets of the group for the financial period ending Dec 31, 2017.

      Print
      Text Size
      Share