Velesto Energy, the owner and operator of high-quality jack-up drilling rigs, has recently signed a new contract with Petronas Carigali, a subsidiary of Petronas. This contract is for the use of the NAGA 3 drilling rig in offshore Malaysian waters and includes drilling one firm well and one optional well.
Contract Details and Activity Schedule
Drilling operations are scheduled to begin in November 2026. This contract will help Velesto Energy expand its drilling activities in Malaysia and generate significant revenue from this project. The NAGA 3 rig, built in 2010, is capable of drilling to depths of 30,000 feet and is designed for operations in water depths of up to 350 feet.
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Financial and Commercial Implications
Velesto Energy's management believes that this contract will contribute to increased drilling activities in Malaysia and clearly create short-term revenue. This contract will also enhance the productivity of the NAGA 3 rig and provide a return on investment from this asset. Velesto Energy looks forward to collaborating with Petronas Carigali and delivering high standards of safety, reliability, and operational performance during its drilling operations.
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