Velesto Energy Bhd has secured a new contract to provide its Naga 6 jack-up drilling rig and related services for an offshore drilling campaign in Thailand.
In a statement on Thursday, the company said the contract was awarded by Northern Gulf Petroleum Pte Ltd and covers the drilling of four infill wells and three exploration wells. It also includes an option for up to two additional exploration wells.
The drilling works are expected to begin in the third quarter of 2026. However, the contract value was not disclosed.
Northern Gulf Petroleum is recognised as Thailand’s first privately owned exploration and production company, focusing on the acquisition, development, operation, and management of upstream oil and gas assets.
Velesto president Megat Zariman Abdul Rahim said the award reinforces the group’s drilling business and highlights its continued ability to secure opportunities in key regional markets amid ongoing offshore development and exploration activities.
According to Velesto, the Naga 6 rig is capable of drilling up to 30,000 feet deep and operates in water depths of up to 375 feet.
At the midday trading break on Thursday, Velesto shares rose 1.6% to 31 sen, valuing the company at approximately RM2.56 billion.
