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UMW-OG JV with Japan Drilling Company

Source: www.gulfoilandgas.com 2/26/2018, Location: Asia

UMW OIL & GAS CORPORATION BERHAD (“UMW-OG”) announced that UMW JDC Drilling Sdn. Bhd., a joint venture with Japan Drilling Company (“JDC”) has commenced the process of voluntary winding up.

The joint venture between UMW-OG, Malaysia’s largest jack up drilling rig contractor and JDC, Japan’s sole drilling contractor, was established in 2005 to manage and operate the semi-submersible drilling rig, Naga 1, which is co-owned by the two parties.

Under UMW JDC Drilling Sdn Bhd, Naga 1 has a long and illustrious track record and has successfully completed drilling numerous wells both domestically and regionally.

Following a business realignment exercise by UMW-OG early last year, the drilling rig was sold to JDC, thus concluding the joint venture that started 13 years ago.

“We count ourselves fortunate to have had the opportunity of partnering and learning from Japan Drilling Company, an experienced oil and gas drilling contractor. I believe the association has been mutually beneficial for both of us and we thank UJD for being a good partner. We wish our partner all the best and hope they will have many more successes in their future endeavours”, said Rohaizad Darus, President, UMW Oil & Gas Corporation Berhad.

A similar accolade was made by Yuichiro Ichikawa, President, Japan Drilling Company who said, “We owe our successful presence in Malaysia to our strong partnership with UMW-OG. The association has resulted in many proud achievements that can only be attained by a partnership that work very well together. While we are saddened by the conclusion of the joint venture, we wish UMW-OG all the best and many more success”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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