2）油田服务部门：
油田服务领域显示了慢慢复苏的迹像。合顺油气已卖掉土库曼斯坦的生意，也在泰国停止业务来止损。不过，这部门对集团的表现影响不大。

在2017年的再融资活动后，合顺油气能集中精力来争取更多的合约和改进效率。预期机器的运用率的提高和成本的降低会为2018年带来更好的表现。

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James Ng

On 12 March 2018, UMWOG announces that UMW Workover Sdn Bhd, a wholly-owned subsidiary has been awarded a contract for the Provision of 460K Drilling Hydraulic Workover Unit for PETRONAS Carigali Sdn Bhd (http://www.bursamalaysia.com/…/company-announcements/5721449). Commencing from 6 Feb 2018, the Contract has a term of 3 years with an option to extend for a further 1 year.

Prospects:
1) Drilling Services Segment:
With the benchmark Brent oil price currently hovering above USD60 per barrel after stabilizing above USD50 per barrel for most of 2017, more confidence is seen in the upstream sector, resulting in more activities especially in drilling. In the near term, a gradual recovery in the industry is expected. At present, four of the Group’s jack-up drilling rigs are working with one more expected to be mobilized in early second quarter. More rigs are expected to secure contracts from the second quarter onwards. The utilisation rate is expected to stay at a relatively healthy level in the near future. Besides working on extension of existing contracts, the Group is also bidding and negotiating for new contracts to replace expiring ones.

2) Oilfield Services Segment:
The oilfield services sector is showing signs of slow recovery. The Group has disposed of the business in Turkmenistan and has ceased operation in Thailand to minimize further losses. However, the financial impact to the Group is immaterial as this segment’s contribution to the Group is minimal.

With a stronger financial footing after the completion of recapitalisation and refinancing exercises in 2017, the Group will be able to focus on securing more contracts and improving operational efficiency. The potential improvement in both utilization and operating cost are expected to contribute positively to the financial performance of the Group for the financial year 2018.

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James Ng