Malaysia's Velesto Energy has secured a contract from Petronas Carigali for its NAGA 3 jack-up drilling rig, covering one firm well and an option for a second well.
The contract was awarded through Velesto's wholly-owned subsidiary, Velesto Drilling, with operations having commenced in November 2026.
Velesto expects the contract to contribute positively to its earnings and net assets over its duration, although the agreement's financial value and duration were not disclosed.
“This contract adds to the Group's contracted drilling activity in Malaysia and provides near-term revenue visibility. It supports utilization of NAGA 3 and generates commercial returns from the asset,” said Megat Zariman Abdul Rahim, President of Velesto.
NAGA 3 is an independent-leg cantilever jack-up drilling rig capable of drilling to depths of 30,000 feet and operating in water depths of up to 350 feet.
Velesto operates a fleet of six wholly-owned jack-up drilling rigs and has conducted drilling operations across Southeast Asia, including Malaysia, Indonesia, Vietnam, the Philippines and Thailand.
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