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Flash Note – UMW (REDUCE, maintain) - Naga 4 contract signed with Petronas for local waters




Affin Hwang Investment Bank Bhd


10 Apr 2013





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Bursa Malaysia announcement The Group announced that its wholly-owned UMW Standard Drilling Sdn Bhd has signed a contract with Petronas for the provision of UMW’s jack-up drilling rig (Naga 4) over 3 years for a total contract consideration of US$157.7m. There is an option for a 2 years contract renewal. To recap, UMW purchased Naga 4 for US$214m. Naga 4 will be chartered out for used by Petronas’ domestic operations within Malaysia waters.

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