Newbuild UMW Naga 6 to Work Offshore Vietnam in $46M Deal with PV Drilling

Malaysia-based UMW Oil & Gas Corporation Berhad (UMW-OG) revealed that its indirect subsidiary UMW Offshore Drilling Sdn Bhd received a Letter of Award, valued at $46.5 million, from Petrovietnam Drilling & Well Services Corporation (PV Drilling) to provide a jackup for work offshore Vietnam, the firm said in an announcement on local stock exchange Bursa Malaysia Monday.

Under the contract, UMW O&G will supply a jackup and provide associated services for the end clients, PC Vietnam Limited and Petronas Carigali Overseas Sdn Bhd -- an upstream unit of Malaysia's national oil and gas company Petroliam Nasional Bhd (Petronas).

UMW O&G will assign its newbuild jackup UMW Naga 6 (375' ILC) for the contract, which covers the drilling of 4 firm wells over approximately 250 days and 3 optional wells for around 55 days. The contract also contains an extension option for 3 wells for a duration of 277 days.

The contract will commence early October, immediately upon UMW-OG taking delivery of UMW Naga 6 later this month from China Merchants Industry Holdings Co. Ltd.'s shipyard in Shenzen, Mazhou Island, China, where the jackup is currently under construction.

UMWOG has been seeking contracts for the 2 jackups it purchased from China's Tianjin Haiheng Shipbuilding & Offshore Engineering Service Co., Ltd. in February for $434 million as it tapped part of the proceeds from an October listing on Bursa Malaysia to expand its fleet, a company source told Rigzone earlier. 

The other jackup UMW Naga 7 (375' ILC), which remains uncontracted, is currently undergoing construction at the same yard in Shenzhen.

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