Velesto Energy has announced that its wholly-owned subsidiary, Velesto Drilling Sdn. Bhd., has been awarded a drilling contract by PTTEP HK Offshore Limited and PTTEP Sarawak Oil Limited (collectively referred as ‘PTTEP’) for its 2025–2026 drilling campaign in Malaysia.
Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.
Megat Zariman Abdul Rahim, President of Velesto, said, 'We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia.
Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns. With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders.'
This latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the Group’s fleet utilisation outlook. Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.
NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.
Source: Velesto Energy
