UMW’s new jack up rig to drill in Vietnam

Malaysia’s UMW Oil & Gas has received a contract from Petrovietnam Drilling & Well Services Corporation (“PV Drilling”) for the provision of a jack-up rig to be used by PC Vietnam Limited and PETRONAS Carigali Overseas Sdn Bhd.

Image: One of UMW OG’s jack-up rigs (For Illustration only)

The contract, with an estimated contract value of USD 46.5 million for the firm contract period, is for the provision of drilling rig services for drilling campaigns for Vietnam operations, whereby UMW-OG Group will assign its newest rig, UMW NAGA 6 for this contract.

The contract is for four firm wells, approximately 250 days, with three optional wells , which would take 55 days to be completed.

The start of the contract is expected to take place in early October 2014 immediately upon UMW-OG Group taking delivery of the new rig – UMW NAGA 6, later this month. UMW NAGA 6 is currently under construction by China Merchants Industry Holdings Co. Ltd, at the shipyard located in Shenzen, Mazhou Island, China.

UMW NAGA 6 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.