UMV bidding for $1.7bn projects

Kuala Lumpur: UMW Oil & Gas is bidding for a total of 29 projects worth $1.7bn in the Middle East and Southeast Asia, according to CIMB Equities Research.

CIMB Research said a briefing by its top managements showed UMW’s active fleet expansion was ongoing. “After building a solid base in Southeast Asia, it is now eyeing the Middle East, with a maiden contract expected by the end of 2015,” it said.

“Management was visibly pumped at the prospects of venturing into the Middle East, which would mark the company’s new phase of international expansion after successfully capturing Southeast Asia,” said CIMB Research.

UMV’s new rig Naga 7, which is near completion, has been signed up for work in the Philippines in January 2015, while the management of UMV is closeto clinching a contract the other rig Naga 8, which is also under construction and due for delivery in September 2015. [27/11/14]

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