Malaysia?s UMW bags $183m drilling rig, services contract from Hess

Malaysian leading industrial enterprise UMW Group announced on Tuesday that it has been awarded an estimated US$183.12 million contract from oil and gas firm HESS (Indonesia-Pangkah) Ltd. for the provision of a Jack-Up drilling rig called NAGA 2 and drilling services.

The contract shall consist of 7 firm wells and 13 option wells.

NAGA 2 is expected to commence work in the first week of September 2010 for the Pangkah WHP-B Development Drilling Programme in the Ujung Pangkah Field, which is located in the Pangkah PSC ? Offshore, East Java, for an estimated period of 1,355 days, equivalent to 3.7 years, the company said.

NAGA 2 is a premium independent-leg cantilever jack-up rig that has drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet, resulting in more efficient drilling compared to older jack-ups, with better safety features.

The contract agreement in respect of the above is expected to be signed before the end of August 2010, it added. (denny)