KUALA LUMPUR: UMW Oil & Gas Corporation Bhd via UMW Offshore Drilling Sdn Bhd has secured a US$6.8 million (about RM27.82 million) contract for the provision of a jack-up drilling rig for ConocoPhillips Sarawak Ltd (COPSK) .
UMW Offshore Drilling is a wholly-owned subsidiary of UMW Malaysian Ventures Sdn Bhd, which is in turn a wholly-owned subsidiary of UMW Oil & Gas Corporation.
UMW Oil & Gas Corporation will assign the UMW NAGA 4 for this Contract.
It 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. The contract is to drill two firm wells with the option of two additional wells.
“It is anticipated that drilling activities for one well will span about 50 days, with activities on the first commencing in the second quarter of 2018, off the coast of Sarawak,” UMW Oil and Gas Corporation said in a filing to Bursa Malaysia.
The contract is expected to contribute positively to the earnings and net assets of UMW Oil & Gas Corporation for the financial year ending Dec 31, 2018. -- BERNAMA