Velesto completes offline capability upgrade for two rigs


Earlier this year, Naga 5 and Naga 6 secured work orders with PTTEP HK Offshore Ltd and PETRONAS Carigali Sdn Bhd, respectively. (File pic shows Naga 7 rig)

KUALA LUMPUR: Velesto Energy Bhd has completed the upgrading works for its Naga 5 and Naga 6 rigs to make them the first in the country with offline capabilities.

The group said the offline capabilities on the two jack-up rigs will reduce the total time spent on wells as the rigs are able to do multiple scope of activities while drilling.

With fewer rig days per well, it will help to bring down the overall drilling project costs for clients and indirectly reduce the industry’s emission footprint, it added.

Velesto president Megat Zariman Abdul Rahim said given the current uptrend in the drilling segment, the successful completion could not be timelier.

“It also reflects our commitment to our clients in driving performance through operational excellence while ensuring the highest level of safety.

“The offline capabilities will further strengthen Velesto’s value creation as a local company on par with global players, offering sustainable competitive advantages,” he said in a statement.

Earlier this year, Naga 5 and Naga 6 secured work orders with PTTEP HK Offshore Ltd and PETRONAS Carigali Sdn Bhd, respectively.

Naga 5 has commenced its operations since July 2022 while Naga 6 is expected to begin operations towards the end of this month within Malaysia upon completion of the upgrades.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

US and UK should be welcoming talent, not driving it away
Short Position: Ringgit rebound, PETRONAS earnings
KWAP seeks stronger income growth
What’s in fashion
Brexiteers, no one wants your regulatory bonfire
EcoWorld redefines concept behind industrial parks
S’pore chips away at HK’s hedge fund dominance
Ringgit seen strengthening further
Hibiscus gets debt boost
Navigating a ‘perfect positive storm’

Others Also Read