KUALA LUMPUR (Jan 20): PJBumi Bhd (KL:PJBUMI) has entered into a contract to purchase five drilling rigs as the group prepares for its upcoming oil and gas integrated project management (IPM) drilling work in Indonesia.
The two sets of 750-horsepower (HP) AC drilling rigs and three sets of 550HP AC drilling rigs, supplied by China-based Gaoyou Hao Xiang Petroleum Machinery Co Ltd, carry a total consideration of US$39.87 million (RM161.58 million), according to the group’s bourse filing on Tuesday.
The seller is expected to take 120 days to manufacture the equipment at its facility in China, with delivery to Jakarta estimated at 150 days.
The 750HP AC rigs are priced at US$16.26 million (RM65.89 million), while the 550HP AC rigs amount to US$23.61 million (RM95.68 million).
PJBumi said purchase orders remain conditional upon the group securing relevant project contracts. It added that the agreement is subject to financing and shareholder approval.
The group secured the IPM service contract worth US$6.55 million (RM27.6 million) in September 2025, for exploration and exploitation activities in Mogoi Wasian, Papua, Indonesia.
Under the contract, its 90%-owned Indonesian sub-subsidiary, PT Indodrill Bumi Perkasa, will provide IPM drilling services for the drilling of three new wells and the workover of eight existing wells.
Shares in PJBumi rose four sen or 2.5% to close at RM1.64 on Tuesday, valuing the group at RM134.48 million.