UMW Oil & Gas receives contract extension from PV Drilling 

KUALA LUMPUR, 12 December 2013 – UMW Standard Drilling Sdn Bhd ("UMWSD"), a wholly owned subsidiary of UMW Oil & Gas Corporation Berhad ("UMW-OG") has entered into an agreement today for a further extension of its existing contract with Petrovietnam Drilling and Well Services Corporation ("PV Drilling") for the provision of jack-up drilling rig and rental services.

The proposed further extension is for a duration of four months with an option for another five months and is expected to commence its operations in June 2014 with the contract valued at approximately USD 19 million for the firm four months period. It involves the provision of one of UMW's jack-up drilling rigs, NAGA 2 and related drilling services to PV Drilling to drill wells for the end client, Hoang Long Joint Operating Company.

The existing contract between PV Drilling and UMW-OG which was signed on March 2013 was for a period of six months with an option of another six months which has since been exercised bringing the total contract period up to June 2014. 

President of UMW Oil & Gas Corporation Berhad, Rohaizad Darus said, "We are very pleased to continue to build on our good relationship with our client PV Drilling with the extension of the contract. This will in a way strengthen our position in the Asia-Pacific region, an area in which we have developed a strong and continually growing presence." 

NAGA 2 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet which is currently operating in Vietnam waters.