Despite all the negativity, I doubt this company will go under with the support from PNB.
If you can buy and hold for a year or two from now, go for it.

Offshore,
Don't take my words for it, but that is a possibility. Judging by how most of the existing contracts do not actually favor the company financially, a lot of additional and hidden costs are incurred upon UMWOG. Business development and contracts team were not diligent and blindly accepted contracts for the sake of having one.
Think about it, you have a rig, client requests for additional equipment apart from the original rig package, but rig owner is to bear all additional costing and charges. With the agreed dayrate, some rigs are still probably paying off for these additional equipment and not making profit yet. Rig equipment are not cheap.

But of course, it is still better than stacking the rigs.

No problem, we learn from others and share what we know. Currently UMWOG has all 7 rigs chartered but day rates are incredibly low. Do not be surprised if the upcoming quarterly financial results are in the negatives again.

Why this counter isn't going up? That's because the business of this counter is not directly correlated with oil price. UMWOG major business is providing drilling services. So whether the oil price go up or down does not matter, what matters is whether Oilfield Operators (i.e. Petronas, Total, etc.) contracts UMWOG for rig utilization.

Let's say, if oil price shoots to $140 tomorrow, this counter will still take time to go up.
If this company secures long-term high-value contracts for all 7 jackup rigs tomorrow, then this counter will shoot up.

Please, always understand the business nature of a company before you invest. Don't be a blind fool.