Velesto’s 2010-built rig finds drilling job with Petronas

Malaysia’s Velesto Energy, owner of premium jack-up rigs, is keeping its drilling fleet busy by locking in a new deal with Petronas Carigali, a subsidiary of Malaysia’s energy giant Petronas, to deploy one of its premium jack-up rigs for offshore work in Malaysian waters.

Velesto has secured a contract with Petronas Carigali to deploy its NAGA 3 jack-up rig for one firm well and another optional well, with operations kicking off in November 2026. This deal is expected to contribute positively to the rig owner's earnings and net assets over its duration.

The 2010-built NAGA 3 independent-leg cantilever jack-up rig is capable of drilling to depths of 30,000 feet and rated for operations in water depths of up to 350 feet.

"This contract adds to the group's contracted drilling activity in Malaysia and provides near-term revenue visibility. It supports utilisation of NAGA 3 and generates commercial returns from the asset. We look forward to working with Petronas Carigali and delivering the high standards of safety, reliability and operational performance expected across our drilling operations."

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