UMW's subsidiary Rig contract terminated

From The Star Online:

A UMW Holdings Bhd subsidiary’s US$170mil (RM565.51mil) contract to provide a drilling rig to PCPP Operating Co Sdn Bhd, off the coast of Sarawak, has been terminated.

UMW told Bursa Malaysia yesterday that PCPP, which comprised Petronas Carigali (Malaysia), Petrovietnam (Vietnam) and Pertamina (Indo-nesia), would not be implementing the contract.

In August 2008, PCPP awarded the contract to UMW’s 85%-owned UMW Standard Drilling Sdn Bhd.

UMW said it was in discussions and negotiations with other production sharing contract operators in Malaysia with regard to the rig concerned, known as NAGA 2, adding that it expected NAGA 2 to be in operation by September.

Coinicidence? You be the judge. I posted a blog about UMW's 800 million ringgit bond sale on June 23, 2009. They've already completed the bond sale and then suddenly, a large canceled project.