PETALING JAYA: Velesto Energy Bhd has secured a contract from Petronas Carigali Sdn Bhd to deploy its NAGA 3 jack-up drilling rig, strengthening the group’s contracted drilling activities in Malaysia.
The contract, awarded through its wholly-owned subsidiary Velesto Drilling Sdn Bhd, covers one firm well and one optional well, with operations expected to commence in November 2026.
Velesto said in a Bursa Malaysia filing that operations are expected to commence in November 2026.
Velesto president Megat Zariman Abdul Rahim said the contract would provide near-term revenue visibility while supporting the utilisation of NAGA 3 and generating commercial returns from the asset.
The latest award brings all six of Velesto’s jack-up drilling rigs under contract at least until the end of 2026, according to a report by The Edge.
The group had a firm order book of RM1.3 billion as at end-July 2026.
The contract also comes after Velesto’s proposed disposal of NAGA 3 to Indonesia’s PT Indonesia Drilling Energy for US$63 million (approximately RM258 million) was terminated in July 2026.
NAGA 3 is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and a rated operating water depth of up to 350 feet.
Velesto operates a fleet of six wholly-owned jack-up drilling rigs, providing offshore drilling services to the upstream oil and gas industry in Malaysia and other Southeast Asian markets.
