Petronas Carigali Awards Drilling Contract to NAGA 1

UMW's Oil & Gas Division has been awarded contracts by Petronas Carigali Sdn Bhd (PCSB) for the provision of drilling rig and workover rig services.

UMW JDC Drilling Sdn Bhd (UJD), a joint-venture between UMW Corporation Sdn Bhd and Japan Drilling Co., Ltd of Japan, was awarded a contract to provide the drilling rig, NAGA 1, for PCSB's 20 firm plus 20 option wells drilling program. NAGA-1, a semisubmersible which is 50/50 co-owned by UMW Drilling Co., Ltd and JDC Panama Inc., will be mobilized for the mentioned drilling program, tentatively by March/April 2006.

UJD is a Malaysian offshore drilling contractor servicing the upstream oil & gas sector primarily in the management and operation of the semisub, NAGA 1. UJD has successfully performed and completed a number of drilling projects domestically and regionally for its clients which include PCSB, Petronas Carigali Myanmar, Sarawak Shell Berhad, Sabah Shell Petroleum Co., Ltd and ExxonMobil Exploration and Production Malaysia Inc.

UMW Petrodril (M) Sdn Bhd, a subsidiary of UMW Corporation, has recently executed a contract extension for one of its Hydraulic Workover rigs (UP Gait 2) with PCSB up to March 2007. Under this contract, UMW Petrodril will carry out several well workover projects for PCSB in offshore Peninsular Malaysia and Sarawak/Sabah operations.

UMW Petrodril has been the sole Petronas licensed local hydraulic workover rig contractor since 2000, and currently owns and operates two hydraulic workover rigs (namely UP Gait 1 and UP Gait 2). UP Gait 1 has just completed a major upgrading program to meet market requirements.

In addition to the workover rig operations, UMW Petrodril has also secured a 5-year contract with Murphy Oil in Malaysia to supply Dril-Quip's deepwater subsea wellhead equipment & services for the latters exploration and development drilling program.

The award of the above contracts is expected to contribute positively to the UMW Oil & Gas Divisions bottom line for the duration of the contract.

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