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Update UMW O&G secures US$46.5 million charter contract for NAGA 6

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Update UMW O&G secures US$46.5 million charter contract for NAGA 6 Empty Update UMW O&G secures US$46.5 million charter contract for NAGA 6

Post by Cals Tue 09 Sep 2014, 02:22

Update UMW O&G secures US$46.5 million charter contract for NAGA 6
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com   
Monday, 08 September 2014 18:53

KUALA LUMPUR (Sep 8): UMW Oil & Gas Corp Bhd (UMW-OG) has secured a US$46.5 million (RM147.58 million) contract in Vietnam for its newest rig, UMW NAGA 6. 

UMW OG told Bursa Malaysia, in a filing, that its unit had received a letter of award from Petrovietnam Drilling & Well Services Corp for the provision of a jack-up drilling rig and other services for associated end clients, PC Vietnam Limited and Petronas Carigali Overseas Sdn Bhd.

“The contract is for four firm wells, with three optional wells and thereafter, an extension option of three wells.

The contract is expected to commence in early October 2014 immediately upon UMW-OG Group taking delivery of the new rig - UMW NAGA 6, later this month,” the company statement says.

UMW NAGA 6 is currently under construction by China Merchants Industry Holdings Co. Ltd, at a shipyard in Shenzen, Mazhou Island, China.

The company says the drilling rig services is expected to contribute positively to the earnings and net assets of UMW-OG Group for the financial years ending Dec 31, 2014 and 2015. 
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