UMV receives new rig contract in Vietnam

UMV receives new rig contract in Vietnam

Kuala Lumpur: Malaysia’s UMV Oil & Gas announced that it has received a contract from Petrovietnam Drilling & Well Services for the provision of a jack-up rig to be used by PC Vietnam and Petronas.

The contract, which is valued at $46.5m, 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 which is currently under construction at a shipyard of China Merchants Industry Holdings. [10/09/14]