UMW Oil&Gas Malaysia secures $7M contract

UMW Oil & Gas Corporation Bhd's wholly-owned unit, UMW Standard Drilling Sdn Bhd has secured a US$7 million (RM22.7 million) contract from Nido Petroleum Philippines Pty Ltd.

The contract, which is expected to commence in June, 2014, for a duration of 6 weeks, is for the provision of a jack-up drilling rig to drill the Baragatan prospect on behalf of the SC 63 Joint Venture.

"This first assignment for UMW Oil & Gas's newly built jack-up rig confirms our strong belief in the increasing demand for modern, high capability jack-up drilling rigs in this region," UMW Oil & Gas President Rohaizad Darus said in a statement.

He said the UMW NAGA 5 is a newly-built premium jack-up drilling rig that is currently being constructed by KeppelFELS Singapore.


The premium drilling rig is capable of operating in water depths of up to 400 feet and drilling to a total depth of 30,000 feet sub-sea, he added.

UMW Oil & Gas currently has a fleet of 5 offshore drilling rigs and has been carrying out offshore drilling activities since 2005.

Nido is a subsidiary of Nido Petroleum Limited, which is listed on the Australia Securities Exchange.