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UMW-O&G posts $19m Q2 profit

UMW-O&G posts $19m Q2 profit
UMW Oil & Gas (UMW-O&G) posted a second quarter net profit of MYR60.3m ($19.1m) on revenue of MYR238.8m as higher contributions form both the drilling and oilfield services segments helped boost revenue.

For the first half, the group posted a net profit of MYR113.98m while revenue stood at MYR434.34m.

Contributions from overseas operations is steadily increasing as assets come onstream, contributing 47% to revenue in the second quarter and 39% overall in the first half.

In line with this, UMW-O&G expects a stronger FY 2014 when compared with FY13 with new rigs in operation. “The company is now in active negotiations with potential customers to secure a contract for UMW Naga 6 to start operations in the fourth quarter of 2014,” it said in a statement.

TAGS: Offshore