UMW Oil & Gas Corporation subsidiary UMW Offshore Drilling has received a conditional letter of award from Petronas for the provision of jackup drilling rig services.
Under the agreement, UMW will assign UMW Naga 7 for a duration of up to 18 months. The contract value was not disclosed.
UMW Oil & Gas reported a net loss of RM267.7m ($59.6m) for the first three quarters of 2016. During the third quarter, its drilling services segment contributed revenues of RM46.3m, a 77.3% decrease compared with the same period in 2015.