UMV secures drilling rig contract from Petronas

UMV secures drilling rig contract from Petronas

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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