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UMW-OG in bidding process for contracts worth above RM3 billion
by Cals Thu 23 Jan 2014, 18:42
| UMW-OG in bidding process for contracts worth above RM3 billion |
| Business & Markets 2014 |
| Written by Bernama |
| Thursday, 23 January 2014 18:23 |
KUALA LUMPUR (Jan 23): UMW Oil & Gas Corporation Bhd (UMW-OG) is in various stages of the bidding process, for contracts worth more than RM3 billion.
Its president Rohaizad Darus said that currently, the orderbook stood at RM1.45 billion, that would keep the group busy for at least two years.
UMW-OG is the first Malaysian owner and operator of jack-up drilling rigs in Malaysia.
Rohaizad said that about 94 per cent of UMW-OG revenue came from drilling rigs.
He added that there are plans to acquire a few more drilling rigs by end of this year.
"We're looking at countries we're already in, such as Malaysia, Thailand, Indonesia and Vietnam.
"We're in dire need in increasing our assets now, especially in drilling rigs. All our rigs have been already contracted out.
"Any addition of drilling rigs would add significantly to its bottomline," he told Bernama, on the sidelines of the inaugural "Spotlight on Malaysia" Forum, organised by Bursa Malaysia today.
UMW-OG currently owns four rigs, comprising semi-subs Naga 1, and three jack-ups Naga 2, Naga 3 and Naga 4.
Its fifth rig, Naga 5, which also marked the group's entry into the Philippines, is currently under construction and scheduled for delivery by May.
Rohaizad said that the group would utilise about RM1 billion proceeds from its recent initial public offering, for the purpose.
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