KUALA LUMPUR: Velesto Energy Bhd
has divested its jack-up drilling rig, NAGA 3, to PT Indonesia Drilling Energy for US$63mil cash (RM258.4mil), in line with fleet optimisation efforts.
In a statement, the group said it is focusing on more technically competitive rigs, consistent with its position as a premium rig operator.
"This divestment sharpens our focus on premium rigs that define Velesto’s competitive advantage.
"Moving toward a more asset-light model enhances our operational agility, strengthens our balance sheet, and ensures we deploy capital where it creates the greatest value. The proceeds will reinforce our core drilling business and support returns to our shareholders,” said Velesto president Megat Zariman Abdul Rahim.
The disposal, which is expected to yield an estimated gain of RM1.4mil, is scheduled for completed by the end of the first half of 2026.
Following the acquisition by PT Indonesia Drilling Energy, NAGA 3 is slated for deployment in Malaysian waters through TEXCAL Energy’s subsidiary, AFED TEXCAL Energy Ventures Sdn Bhd, to support its exploration and production operation.
