New chairman: (from left) Rohaizad, UMW-OG’s outgoing chairman Tan Sri Asmat Kamaludin, new chairman Datuk Abdul Rahman Ahmad and CFO Wai Thuy Fong at the AGM.
KUALA LUMPUR: While UMW Oil & Gas Corp Bhd (UMW-OG) will achieve full utilisation of its seven jack-up drilling rigs by the second half of this year, the oil and gas (O&G) service provider expects its earnings to remain under pressure due to subdued charter day rates.
According to UMW-OG president Rohaizad Darus, the group will not discount the possibility of further impairments this year due to the sluggish charter rates.
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