UMW Oil & Gas unit secures three year contract from Petronas Carigali

PETALING JAYA: UMW Oil & Gas Corp Bhd’s (UMW-OG) unit UMW Malaysian Ventures Sdn Bhd (UMV) has secured an umbrella contract for the provision of 460K drilling hydraulic workover unit (HWU) from Petronas Carigali Sdn Bhd.

The three-year contract, commencing from Feb 6, 2018 has an option for extension for another year.

UMW-OG told the stock exchange, the group will assign its HWU, UMW Gait 6 to undertake the workover services, in particular drilling with pull capacity at a maximum of 460,000 lbs.The workover services involve services rendered in performing maintenance and/or remedial treatments on an oil or gas well.

The group expects the contract to contribute positively to its earnings and net assets for the financial period ending Dec 31, 2018 and the financial periods in the duration of the contract.

UMW-OG closed unchanged at 30.5 sen with 29.5 million shares traded.