UMW Oil & Gas Receives LOA to Supply UMW Naga 7 Jackup to PETRONAS Carigali
UMW Oil & Gas Corporation Berhad (UMW-OG) reported Wednesday that UMW Offshore Drilling Sdn Bhd, a unit of UMW-OG's UMW Malaysian Ventures Sdn Bhd, has received a Letter of Award from PETRONAS Carigali Sdn Bhd (PCSB) -- the upstream arm of Malaysia's national oil company Petroliam Nasional Berhad (PETRONAS) -- for the provision of a jackup for the latter's drilling program.
Under the contract, the firm will assign its UMW NAGA 7 (375' ILC) for the PCSB assignment, covering seven firm wells with an extension option of one plus one well. Drilling of each well is estimated to take a minimum of one month, with the contract commencing Oct. 15.
UMW-OG did not indicate the contract value, but said in the filing with local stock exchange Bursa Malaysia that "the abovementioned 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, 2015 and Dec. 31, 2016."
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