UMW O&G

It is bidding for 20 contracts worth rm1.9 billion with eight in Malaysia and 12 in SEA.

It will have NAGA 2, NAGA 2, NAGA 3, NAGA 6 & 7 to take up more contracts. NAGA 5 will also be available after its six week contract in the Philippines expires.

The Malaysian operations will contribute 66% of the group’s revenue while overseas operations contribute the remainder. It plans to balance the Malaysian and overseas contributions to achieve a 50:50 ratio.

It plans to move into projects in Asia Pacific, the Indian continent as well as the Middle East.

There are 61 jack up rigs in Asia and UMW only make up four of them. In Malaysia there are about 15 to 20 rigs and the group only has NAGA 4 serving a contract in Malaysia.

There are over 700 jack up rigs globally of which more than 70% are over 30 years old.

This will provide opportunities for jack up rig providers in the near future.