UMW posts $16m net profit for fourth quarterUMW posts $16m net profit for fourth quarter

Full-year net profit came in at MYR188.5m while revenue was MYR206.1m and MYR736.7m fore fourth quarter and full-year respectively. UMW Oil & Gas did not give comparative figures for the previous corresponding periods before it was listed.

The company said its UMW Naga 2 drilling rig continued to operate overseas with a more favourable time charter rate, while the UMW Naga 3 rig came back online and has returned to normal utilisation rates since October after damage to its ballast tanks the previous month caused some downtime.

Revenue was further boosted by another full-quarter of contribution from the UMW Naga 4 which commenced a three-year contract with Petronas Carigali in April 2013.

UMW Oil & Gas noted however that the rise in revenue was partly offset by the lower utilisation rates of its Hydraulic Workover Units, UMW GAIT I, UMW GAIT II and the UMW GAIT III.

UMW GAIT III is expected to be mobilised by the first quarter of this year, while UMW GAIT II has been scheduled to mobilise to Vietnam in May 2014. TheUMW GAIT I however has yet to find employment for now, UMW Oil & Gas said.