PETALING JAYA: Velesto Energy Bhd
has been awarded a drilling contract by PETRONAS Carigali Sdn Bhd to undertake drilling activities worth US$157mil (RM617mil).
In a statement, the oil and gas firm said its NAGA 2 jack-up rig will undertake drilling activities, with operations commenced in February 2026 for a period of five years.
“The contract is expected to contribute positively to the group’s rig utilisation and earnings visibility from 2026 to 2030.”
Velesto president Megat Zariman Abdul Rahim said the five-year engagement for NAGA 2 reflects the group’s continued progress in maximising the utilisation of its core assets while strengthening earnings visibility.
“The contract aligns with the group’s focus on disciplined execution across its operating markets in South-East Asia and Malaysia.”
NAGA 2 is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.
