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UMW Naga 5 to drill in Myanmar' s offshore block M3 for PTTEPI

KUALA LUMPUR -- UMW Oil & Gas Corporation Berhad (UMW-OG) reported that its wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd (UOD) has been awarded a contract with PTTEP International Limited (PTTEPI) in relation to the Provision of Drilling Rig Services for Block M-3 Appraisal Drilling Campaign 2014. Block M-3 is located at offshore Myanmar.

The contract will be performed using UMW Naga 5, its latest jack-up drilling rig, which is currently under a drilling contract in the Philippines with Nido Petroleum (Nido). The contract is for five firm wells, (approximately 250 days excluding mobilisation and demobilisation), and may be extended for one optional well thereafter and represents a contract value of approximately $51.3 million for the firm wells. The rig is expected to be mobilized to Myanmar in August.

UMW-OG President, Rohaizad Darus said, “Myanmar is becoming active in developing its oil and gas potentials with the award of 20 new exploration licenses recently. This augurs well with our regional expansion plans of opening up and developing new markets. The contract for UMW Naga 5 is the second contract we secured in Myanmar after the contract for our Hydraulic Workover Unit, UMW GAIT 6 which was secured in November last year. We hope this will help us to build a firmer footing in Myanmar market in the future."

UMW Naga 5 is a premium jack-up drilling rig and is capable of operating in water depths of up to 400 ft (approximately 125 m) and drilling to a total depth of 30,000 ft (approximately 9,144 m) sub-sea. The rig was delivered by KEPPEL FELS on 29 April 2014 and started its maiden work for Nido in early May.

UMW-OG is continuing to expand both domestically and regionally with another three premium jack-up drilling rigs on order, UMW Naga 6, UMW Naga 7 and UMW Naga 8, which have scheduled deliveries in September 2014, December 2014 and September 2015, respectively. The Company has also established UMW-INSTEP Drilling Academy which started operation in April this year to provide training and development of skilled personnel for the drilling industry.

Rohaizad added, “We are happy that the demand continues to be strong for our new fleet of jack-up drilling rigs. Last week, UMW Naga 7 which is still under construction in China has been awarded a contract by Frontier Oil for work in the Philipines early next year. We are also seeing a number of opportunities for UMW Naga 6 and UMW Naga 8 and are currently working towards getting contracts for those both in Malaysia and regionally."

At present, all UMWOG drilling rigs are contracted out in Malaysia, Vietnam and the Philipines. The company is currently in the various stage of bidding for its upcoming new drilling rigs.

07/10/2014

 

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