Velesto Energy wins RM125mil offshore drilling job

KUALA LUMPUR: Velesto Energy Bhd (VEB), formerly known as UMW Oil & Gas Corp Bhd, has secured an offshore drilling contract worth US$31.038mil (RM125mil) from Roc Oil (Sarawak) Sdn Bhd.

The contract is expected to commence in August for 11 firm wells.

“The contract is for the provision of a jack-up drilling rig to undertake drilling services for ROC,” the company said in a filing with Bursa Malaysia today.

It will assign its NAGA 4 rig for this contract.

NAGA 4, VEB said, is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

The contract, VEB said, will contribute positively to its earnings and net assets during the contract period for the financial period ending Dec 31, 2018.