UMW Holdings Bhd will invest about US$90mil for Naga 3, a new generation jack-up drilling rig, Group managing director and chief executive officer Datuk Dr Halim Harun announced on June 13, 2007 that the joint-venture partner for Naga 3 would be Norway-based Standard Drilling ASA.
Halim said there would be increasing demand for rigs given the active oil and gas exploration activities in Malaysia and South East Asia over the next three years.
“We are targeting for these rigs to be contracted out to oil companies for their respective offshore exploration,” he added.
Established in 2002, UMW O&G division is currently operating in 12 countries to support the robust O&G upstream activities. It major customers include Petronas Carigali, Shell Malaysia, Nippon Oil Malaysia, Murphy Oil and Exxon Mobil Malaysia.
The Naga 3 is expected to be completed by 2009.