The MuddyWater campaign was first sighted in 2017 when it targeted the Saudi government using an attack involving PowerShell scripts deployed via Microsoft Office Word macro. In March 2018, we provided a detailed analysis of another campaign that bore the hallmarks of MuddyWater. In May 2018, we found a new sample (Detected as W2KM_DLOADR.UHAOEEN) that may be related to this campaign. Like the previous campaigns, these samples again involve a Microsoft Word document embedded with a malicious macro that is capable of executing PowerShell (PS) scripts leading to a backdoor payload. One notable difference in the analyzed samples is that they do not directly download the Visual Basic Script(VBS) and PowerShell component files, and instead encode all the scripts on the document itself. The scripts will then be decoded and dropped to execute the payload without needing to download the component files.