KUALA LUMPUR: UMW Oil & Gas Corp Bhd (UMW-OG), via UMW Offshore Drilling Sdn Bhd (UOD), has bagged a RM113 million contract from Repsol Oil & Gas Malaysia Ltd.
UOD is a wholly-owned unit of UMW Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of UMW-OG.
In a filing to Bursa Malaysia today, UMW-OG said, the contract was for the provision of drilling rig services for Repsol’s drilling programme, whereby it has assigned its UMW NAGA 5 for this contract.
“The contract is for one year with a one-year extension option. The work is expected to commence in the middle of September 2017,” it said.
UMW NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
UMW-OG said the provision of the drilling rig services was expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2017 and the financial periods thereafter during the contract period. - Bernama