PETALING JAYA: Velesto Energy Bhd
, via its wholly-owned subsidiary Velesto Drilling Sdn Bhd, has secured a contract from PETRONAS Carigali Sdn Bhd to deploy its jack-up drilling rig, Naga 3.
The contract, which covers one firm well and one optional well, with operations commencing in November 2026, is expected to contribute positively to the group’s earnings and net assets over its duration, it said in a statement.
According to Velesto, the contract adds to the group’s contracted drilling activity in Malaysia and provides near-term revenue visibility. It supports utilisation of Naga 3 and generates commercial returns from the asset.
“We look forward to working with PETRONAS Carigali and delivering the high standards of safety, reliability and operational performance expected across our drilling operations,” said Megat Zariman Abdul Rahim, president of Velesto.
Naga 3 is an independent-leg cantilever jack-up rig capable of drilling to depths of 30,000 ft and rated for operations in water depths of up to 350 ft.
In its second quarter ended June 30, 2026 (2Q26), Velesto’s net profit plunged to RM531,000 from RM50.44mil in the year-ago quarter.
Quarterly revenue slid to RM154.03mil from RM199.91mil in the previous corresponding quarter.
For the cumulative six-month period, net profit came to RM28.38mil as compared to RM103.04mil in the same period in 2025, while revenue fell to RM337.38mil from RM424.56mil over the same period.
Velesto also declared a second interim dividend of 0.25 sen per share, with entitlement date on Oct 20, 2026, and payable on Nov 18, 2026. In a filing on the local bourse in August, following its 2Q26 results, the company said global demand for jack-up rigs is projected to remain strong, with utilisation of approximately 82% in 2026.
