Petronas puts UMW rigs to work

KUALA LUMPUR, May 15, 2017 – UMW Oil & Gas over the weekend announced the award of a Petronas contract for two of its jack-up drilling rigs.

Valued at almost USD 35 million, the deal will see the UMW Naga 3 and Naga 4 units be put to work from June onwards for a total of 15 wells.

“The provision of […] drilling rig services is expected to contribute positively to the earnings and net assets of UMW O&G Group during the contract period principally for the financial period ending Dec 31, 2017, ” a company statement read.

In related news, Petronas’s chemicals unit posted its quarterly results on Monday, revealing a net profit of some USD 300 million. The division’s income was almost double the amount recorded over the same period last year.

Petronas Chemicals Group saw revenue go up by 47% year-on-year to reach around USD 1.08 billion.

Read our latest insights on: