Newbuild 'UMW Naga 7' jackup secures Philippines contract
UMW OIL & GAS CORPORATION BERHAD (UMW-OG) today announced that its wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd (UOD) has received a Letter of Award (LOA) from Frontier Oil Corporation (FRONTIER) for provision of a jack-up rig and associated services in respect to the KJF-1 and KJF-2 Drilling Programme in the KJF Field SC50 Block (formerly Calauit Field), offshore Palawan in the Philippines. The contract will be utilising ‘UMW NAGA 7’, its new-build jack-up drilling rig from CHMI shipyard in Shenzhen, China. The contract is for a duration of 120 days with an option for an extension of a further 180 days and is planned to commence around middle of January, 2015. The contract has a value of approximately US20 million for the firm duration period. UMW-OG President, Rohaizad Darus said, “This new contract for our newly built UMW NAGA 7 underlines our continued commitment to geographical expansion. The earlier contract awarded by NIDO Petroleum Limited for ‘UMW NAGA 5’ opened the door for us into the Philippines market. We hope ‘UMW NAGA 7’ will further solidify our presence in this new emerging and exciting market. Just like our business model in Vietnam, we break into the market and develop it further with more contracts.”