KUALA LUMPUR, Malaysia -- UMW Oil & Gas and Norway's Standard Drilling Far East Pte. Ltd. have formed a 51:49 joint venture to build two jackup rigs for the Southeast Asian market.
The company unveiled theNaga 2 jackup at the 11th Asian Oil, Gas and Petrochemical Engineering Exhibition in Kuala Lumpur.
Naga 2 is design to operation in 350 ft (107 m) water depth and will be able to drill to 30,000 ft (9,144 m), UMW says.
UMW says it will take delivery of the first jackup in 3Q 2008 and of the second rig in 2Q 2009.
UMW also operates the semisubmersibleNaga 1 in a JV venture with Japan Drilling Corp.