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

Tuesday, July 1, 2025

Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.

Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.

The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.

Velesto 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.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.

“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.

“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.

Categories: Drilling Industry News Activity Asia Oil and Gas

Related Stories

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

Sapura Energy Rebrands to Vantris Energy

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

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