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)
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