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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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