Velesto Energy has provided an update regarding the suspension of the contract for NAGA 8 due to early completion of drilling programme.
Velesto has identified this as an opportunity to accelerate the Special Periodic Survey for NAGA 8. This approach positions NAGA 8 to capitalise on the opportunities the Group is actively pursuing.
Velesto remains committed to pursue tender opportunities across domestic and
regional markets are ongoing for NAGA 8 and other rigs within the fleet. With the current
tender of RM5.4 billion, the Group remains confident in its ability to continue delivering
value to stakeholders.
NAGA 2, NAGA 4, and NAGA6 will remain contracted until the first quarter of 2026,
ensuring continued operations and stability in our rig utilisation. The Group’s strong order
book, which stands at RM0.9 billion will support its financial visibility until 2026.
