While UMW Oil & Gas Corp (UMW-OG) will achieve full utilisation of its seven jack-up drilling rigs by the second half of this year, the oil and gas (O&G) service provider expects its earnings to remain under pressure due to subdued charter day rates, local reports said.

Fast on the heels of its failed consolidation cum fund raising exercise with Icon Offshore and Orkim, UMW Oil and Gas (UMW-OG) is now planning to make a cash call.

Malaysia's oil and gas (O&G) industry needs still more consolidation and preference will be given to those that invest in assets, local media quoted national oil company Petroliam Nasional (Petronas) president and chief executive Wan Zulkiflee Wan Ariffin as saying.

Greencarrier Freight Services has set up an office in Polarbase in the Far North of Norway to service the oil and gas industry in the Barents Sea.

Malaysian FPSO player Yinson Holdings is negotiating to provide a vessel to Repsol unit Talisman Vietnam 07/03 BV (TLV) to supply a vessel for the Ca Rong Do field development in Block 07/03 offshore Vietnam.

Malaysian conglomerate UMW Holdings, has ended its foray into the oil and gas (O&G) business, exiting through a series of corporate exercises, while creating a bigger group out of three, all government linked companies and funds,  local media said.

UMW Oil & Gas (UMW-OG) has secured a contract for one of its jack-up drilling rigs.

The drive towards consolidation in Malaysia's oil and gas industry may have been give some impetus with a clear statement from state fund management company Permodalan Nasional Bhd (PNB) that consolidation may be the way forward for the industry.

Malaysian oil and gas player Bumi Armada continues to struggle, turning in a MYR96.7m ($21.8m) third quarter loss from a MYR70m profit in the previous corresponding period as revenue fell due to a 68% fall in FPSO and FGS revenue to just MYR116m.

Malaysian oil and gas player UMW Oil & Gas (UMW-OG) continues to tick over picking up small deals to keep its assets employed, the latest being a contract for the provision of a Jack-Up Drilling Rig and Services for the Ophir Field, Terengganu, Malaysia.

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