PETALING JAYA: Velesto Energy Bhd
’s unit, Velesto Drilling Sdn Bhd, has clinched drilling contracts from PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd for the provision of one 10K jack-up drilling rig.
Under the contract valued at some US$40mil (RM167.94mil), Velesto will assign Naga 5, one of its premium jack-up rigs, to drill 15 wells with operations scheduled to commence in June 2025.
“We thank PTTEP for its continued confidence and the opportunity to support its drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns,” president of Velesto Megat Zariman Abdul Rahim said in a statement.
“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” he added.
Velesto said it continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.
