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Flash Note – UMW (REDUCE, maintain) - Naga 1 contract extended by 2 years




Affin Hwang Investment Bank Bhd


23 Apr 2013





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Bursa Malaysia announcement The Group announced that its 85%-owned UMW JDC Drilling Sdn Bhd has received a 2-year contract extension letter from Petronas Carigali Sdn Bhd for Naga 1 semi-submersible rig. Total contract size is approximately US$130m over 2 years. To recap, the current contract is valid for 5 years, which commenced on 13 November 2010 and ends on 12 November 2015. During the period, rig upgrading works were carried out for a duration of 281 days from 13 April 2012 to 18 January 2013. Consequently, the existing contract for Naga 1 has been extended and will expire on 19 August 2016. Thus, the 2-year extension will begin from 20 August 2016 up until 19 August 2018.

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