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Flash Note – UMW (ADD, maintain) - US$140m O&G contract win, < 1% earnings enhancement




Affin Hwang Investment Bank Bhd


05 Feb 2013





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Bursa Malaysia announcement The Group’s wholly-owned unit, UMW Petrodrill (M) Sdn Bhd, has been awarded a US$140m (or RM434m) contract from Sabah Shell Petroleum Co Ltd to supply a single combo top tension riser for the latter's offshore O&G operations within the deepwater Malikai field in Sabah. The Malikai field is Malaysia's third deepwater project after Kikeh and Gumusut-Kakap, all of which are located offshore Sabah. Sabah Shell and ConocoPhillips Sabah Ltd each own a 35% interest in Malikai field, while Petronas Carigali Sdn Bhd, the exploration and production arm of Petroliam Nasional Bhd (Petronas), holds the balance of 30%.

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