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UMW Oil & Gas gets Petronas Carigali job for Naga 7 rig

UMW Oil & Gas gets Petronas Carigali job for Naga 7 rig
UMW Oil & Gas (UMW-OG) is slowly rebuilding its orderbook, recently securing a contract for its Naga 7 jack-up rig from Malaysian national oil company Petronas' exploration arm Petronas Carigali.

UMW-OG said in a stock market announcement that the contract was for the provision of drilling rig services for seven firm wells, with one plus one well extension options, for Petronas Carigali’s drilling programme.

With an estimated duration of at least one month for each well, the contract could potentially extend up to a year, although no specific timeframe nor contract value was given. The commencement of the contract is 15 October 2015.UMW-OG expects the contract to contribute positively to its earnings and net assets for the financial years ending 31 December 2015 and 2016. Last week UMW-OG reportedly managed to also contract out its Naga 8 jack-up rig to SapuraKencana for below $100,000 a day.