UMW offloads stake in semi-submersible rig Naga 1

UMW offloads stake in semi-submersible rig Naga 1

Malaysia’s UMW Drilling has sold its 50% stake in semi-submersible drilling rig Naga 1 to JDC Panama for $1.653m.

JDC Panama is part of Japan Drilling Company, and already owns the other 50% stake in the rig.

UMW said the price was derived from an open tender exercise to determine the value of the rig, and takes into consideration the rig value as well as the equipment and spares on board.

The sale is expected to be completed by May 9.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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