UMW Oil and Gas Pays $434M For Two Jackups



Reuters

KUALA LUMPUR, Feb 12 (Reuters) - Malaysia's UMW Oil and Gas Corp (UMWOG) said on Tuesday it will pay a Chinese shipbuilder $434 million for two jack-up drilling rigs as the oil services firm looks to expand its fleet and lock in more work in Asia.

UMWOG it will use the proceeds from its $740 million intitial public offering last October to pay for the two rigs.

The firm, a unit of state conglomerate UMW Holdings, currently owns four drilling rigs with another to be delivered in May 2014, UMWOG said in a statement to the stock exchange.

(Reporting by Niluksi Koswanage; Editing by Kim Coghill)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.