Velesto Energy Berhad, through its wholly owned subsidiary Velesto Drilling Sdn Bhd, has been awarded a drilling services contract worth approximately RM167.94 million (US$40 million) by PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd.
The contract involves the deployment of Naga 5, one of Velesto’s premium 10,000-psi jack-up drilling rigs, for the drilling of 15 wells. Operations are slated to begin in June 2025.
Velesto President Megat Zariman Abdul Rahim expressed gratitude for the continued trust shown by PTTEP in the company’s capabilities.
“We thank PTTEP for its continued confidence and the opportunity to support its drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns,” he stated.
He added that the group remains committed to maintaining strong operational discipline and value-driven execution in order to deliver sustainable shareholder returns, especially as several of its rigs are currently secured under long-term contracts.
Velesto also noted that it continues to benefit from a strengthening regional demand for jack-up rigs. The company anticipates increased activity in the second half of 2025, bolstered by a strong tender pipeline and stable client engagement.
-The Star
