Thursday, 11 April 2013

UMW's NAGA 4 rig is contracted to Petronas Carigali for 3 years, with an additional two year option for renewal

UMW Holdings bags US$157.68 million contract  
Business & Markets 2013  
Written by Fatin Rasyiqah Mustaza of     
Wednesday, 10 April 2013 18:51  
KUALA LUMPUR (April 10): UMW HOLDINGS BHD [] has entered into a contract with Petronas Carigali Sdn Bhd through its wholly-owned subsidiary UMW Standard Drilling Sdn Bhd for the provision of UMW’s jack-up drilling rig NAGA 4.

The contract is for Petronas Carigali’s domestic operations within the Malaysian waters, valued at US$157.68 million for performance of the scope of works as described in the contract.

According to an announcement to Bursa Malaysia, the contract is for a duration of three years, commencing from the date of the contract when NAGA 4 arrives at the mobilisation site, with an additional two year option for renewal.

“The contract is expected to contribute positively to the earnings and net assets of UMW for the financial year ending 31st December 2013 and beyond,” said the group in the announcement.

NAGA 4 is an independent leg cantilever 400 feet B Class mobile offshore self-elevating drilling unit, with a water depth and drilling depth of 400 feet and 30,000 feet, respectively.

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