UMW Oil & Gas wins contract from Vestigo Petroleum

PETALING JAYA: UMW Oil & Gas Corp Bhd’s (UMW-OG) wholly owned subsidiary UMW Offshore Drilling Sdn Bhd (UOD) has been awarded a drilling rig services contract by marginal fields developer Vestigo Petroleum Sdn Bhd.

The value of the contract was not disclosed.

UMW-OG said it will deploy its UMW Naga 2, an independent-leg cantilever jack-up rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet, for the contract. It added that the contract is to drill one firm well, commencing end of the first quarter of 2017.

“The provision of the drilling rig services is expected to contribute positively to the earnings and net assets of UMW-OG Group during the contract period for the financial period ending Dec 31, 2017,” UMW-OG said in a filing with the stock exchange on Friday.