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17

Malaysian SAAG Buys Oil Rig

SAAG Consolidated, a key player in the oil and gas sector in Malaysia

SAAG Consolidated, a key player in the oil and gas sector in Malaysia, a supplier of spare parts to oil and gas firms, is rumoured to acquire an oil rig.

"The rumour is that the company is buying a used workover rig. They will then refurbish it and use it in their operations," said a broker.

A workover rig is used when oilmen try to restore or increase a well's production.

SAAG's share price rose 6.5 per cent, or 40 sen, to RM6.55 before trading was suspended yesterday. The company's shares have jumped almost fivefold so far this year.