Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Tuesday, May 20, 2025

Malaysia’s oil and gas services firm Velesto has secured a drilling contract by Phu Quoc Petroleum Operating Company (PQPOC) for its NAGA 4 jack-up drilling rig, which will be put to work off Vietnam.

Under the long-term contract, Velesto’s NAGA 4 rig will undertake drilling activities for more than 40 wells.

Operations are expected to begin in the first half of 2026, marking Velesto’s expansion into the Southeast Asian market, particularly Vietnam.

NAGA 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

“We are grateful to PQPOC for the award of this contract. This contract award reflects continued confidence in our operational capabilities and underscores our ability to deliver safe, efficient, and high-quality drilling services.

“It also supports our focus on securing value-accretive projects that strengthen earnings visibility and optimize fleet deployment,” said Megat Zariman Abdul Rahim, President of Velesto,

Categories: Drilling Industry News Activity Asia Oil and Gas

Related Stories

Russia's Lukoil Takes Up Gunvor’s Offer for Foreign Assets

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

CNOOC Finds Oil and Gas in South China Sea

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Current News

PTTEP Orders OneSubsea Systems for Two Deepwater Projects off Malaysia

Russia's Lukoil Takes Up Gunvor’s Offer for Foreign Assets

How Hot Is Your Cable? Understanding Subsea Cable Thermal Performance

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com