KUALA LUMPUR (Oct 27): UMW Oil & Gas Corp Bhd (UMW-OG) has bagged a contract from energy firm Hess Exploration and Production Malaysia BV of the Netherlands to provide drilling rig services for the North Malay Basin in the country. In a filing with Bursa Malaysia today, UMW-OG said its indirect wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd has received a letter of award from Hess for the contract. However, the contract amount was not disclosed. "UMW-OG Group will assign its UMW NAGA 8 (jack-up rig) for this contract (which) is for a duration of 18 months, with the option to extend for a further 12 months," it added. UMW-OG shares closed two sen or 2.34% higher at 87.5 sen today, bringing a market capitalisation of RM1.89 billion.

Source: The Edge Markets October 27, 2016 14:56 UTC