KUALA LUMPUR: OSK Research said it was positive about UMW securing'' a contract from Petronas Carigali Sdn Bhd'' for the provision of its jack-up drilling rig "Naga 3" to Petronas' domestic operations in Malaysian waters.
The contract is valued at approximately US$41.5 million for duration of one year, with a 1+1 year option for renewal. The rig will be mobilized sometime in March.
OSK Research said on Friday, March 18 with its last Naga jack-up rig finally chartered out and ready to be mobilised sometime this month, it expected UMW's oil and gas segment getting on course for a profitable year.
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'We estimate that this division will register a net profit of RM121.8m in FY11 and reverse its FY10 losses of RM46 million. We continue to maintain UMW as our top BUY for the automotive sector, with our TP unchanged at RM8.92,' it said.
The contract is valued at approximately US$41.5 million for duration of one year, with a 1+1 year option for renewal. The rig will be mobilized sometime in March.
OSK Research said on Friday, March 18 with its last Naga jack-up rig finally chartered out and ready to be mobilised sometime this month, it expected UMW's oil and gas segment getting on course for a profitable year.
''
'We estimate that this division will register a net profit of RM121.8m in FY11 and reverse its FY10 losses of RM46 million. We continue to maintain UMW as our top BUY for the automotive sector, with our TP unchanged at RM8.92,' it said.
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