UMW, Standard JV Inks 3-Year Deal with PCPP for NAGA 2's Services

UMW Standard Drilling Sdn Bhd, a joint-venture between UMW Corporation Sdn Bhd of Malaysia and Standard Drilling ASA, has signed a three year contract worth USD$170-180 million with PCPP Operating Co Sdn Bhd (PCPP) for the services related to the new high-spec-high-efficiency, jackup drilling rig NAGA 2.

PCPP is joint venture between Petronas Carigali of Malaysia, Petrovietnam (Vietnam) and Pertamina (Indonesia).

"We are delighted to be working with PCPP and tapping on their unique set of industry expertise backed by three of the regional heavyweights in Oil & Gas," said Zulkifly bin Zakaria, Executive Director, Head of Oil & Gas Division, UMW Corporate Sdn Bhd.

"Standard Drilling ASA is very pleased to be able to enter into a long term contract for the first rig to be delivered later this year. This shows that our partnership with UMW is a key success factor to work with National oil companies in South East Asia. This contract give a solid cash-flow for the company," said Jan Kildal, CEO of Standard Drilling ASA.

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