UMW Holdings Bhd Acquires Ownership Stake in Semisub
|Thursday, November 11, 2004
UMW entered into a Memorandum of Agreement for Joint Venture with Japan Drilling for the joint operations and co-ownership of the semisubmersible, Hakuryu III.
The MoA for Joint Venture was signed by En Zulkifly Zakaria, Director, UMW Oil & Gas Division on behalf of UMW Corporation Sdn Bhd and Mr Minoru Murata, Senior Managing Director, Japan Drilling Company, representing JDC.
En Zulkifly Zakaria, Director, UMW Oil & Gas Division said, "This is the first step for UMW to own the Hakuryu III and I believe this will augur well for both parties in understanding one another. UMW has had many successful joint ventures and relationships with Japanese companies and I am confident that this will be another one especially with JDC's more than 30 years of experience in offshore rig management. This strategic alliance and tie-up with JDC will further ensure the expansion of UMW's business especially in offshore drilling services."
JDC, established in 1968 is a company with expertise in the offshore drilling business in Japan and has a history of successful performance in this sector in the South East Asian region as well as other parts of the world. It has expanded its drilling operations for oil and natural gas to the Middle East and West Africa. In addition to serving its customers as an international drilling contractor, JDC has built an international reputation as a quality drilling contractor providing engineering services related to research and development in oil and gas drilling/exploration.
The Oil & Gas Division is the fourth core Business Unit of UMW Group, the others being, Automotive, Equipment and Manufacturing & Engineering. The business activities within the Oil & Gas division are the Tubular Division, Drilling & Work over services, Manufacturing Tubulars and Linepipe, International Trading and Specialist Coating Services. This division has operations overseas in Thailand, Vietnam and China.
UMW has operations overseas in Singapore, Thailand, Vietnam, Myanmar, Papua New Guinea and China.
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