UMW Oil and Gas Corp Bhd has secured a charter for its Naga 8 jackup rig, says Maybank Investment Bank Research.
The research house said on Monday the daily charter rate for the jackup rig could be under US$100,000, comparable to the current market rate of US$80,000 to US$100,000.
The contract is from Oct 2015 until 2017, with a break of six to seven months in between.
“This is positive but not unexpected,” said the brokerage, adding that compromising daily charter rates for utilisation is of greater priority now for a jackup under financing. That will ensure cashflows to part cover interest payments and operating expenditure.
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The research house said on Monday the daily charter rate for the jackup rig could be under US$100,000, comparable to the current market rate of US$80,000 to US$100,000.
The contract is from Oct 2015 until 2017, with a break of six to seven months in between.
“This is positive but not unexpected,” said the brokerage, adding that compromising daily charter rates for utilisation is of greater priority now for a jackup under financing. That will ensure cashflows to part cover interest payments and operating expenditure.
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