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Mega deal loss spells joy for UMW Oil & Gas

Mimi Sabreena 12:24:00 PM Informasi

KUALA LUMPUR (May 12): After abandoning a deal to create one of the largest oil and gas services providers in Malaysia, UMW Oil & Gas Corp expects to return to profit next year, with the return of full utilisation of its drilling rigs.

Company President Rohaizad Darus said contracts have jumped, with rig utilization climbing to 71%, from 20% in the fourth quarter, as oil firms operating in Southeast Asia resume spending on exploration and production.

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