Velesto wins PTTEP drilling contract in Malaysia

KUALA LUMPUR, July 2, 2025 – Velesto Drilling has secured a contract from PTTEP to deploy its NAGA 5 jackup rig for a 15-well campaign starting in June 2025 in Malaysian waters, the company said on Monday.

The contract covers drilling services for PTTEP HK Offshore and PTTEP Sarawak Oil under a 2025–2026 campaign. NAGA 5, a premium independent-leg cantilever jackup rig, is rated for 400 feet (around 122 metres) water depth and can drill to 30,000 feet (around 9,144 metres).

“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution,” Velesto president Megat Zariman Abdul Rahim said.

The award follows earlier 2025 contracts for Velesto’s NAGA 4 and NAGA 8 rigs, boosting its fleet utilisation and outlook amid increased regional demand for jackup rigs and a healthy tender pipeline.

Velesto Energy is a Malaysia-based upstream services company specialising in offshore drilling and workover services. Its rig fleet includes jackup rigs that support exploration and development campaigns primarily in Southeast Asia.

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