The Malaysian drilling rig operator Velesto Energy Berhad (Velesto) has announced that it has secured a new drilling contract in Indonesia from PC Ketapang II Ltd, PC North Madura II Ltd, and PETRONAS North Ketapang Sdn. Bhd. (client) for its NAGA 8 jack-up rig.
The new signed contract will commence in July 2025 for a firm period of four years covering 12 firm wells and three optional wells.
Velesto states that a suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the client.
“This contract award reflects our ongoing efforts to expand Velesto’s footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth. We thank the Client for their trust and the opportunity to contribute meaningfully to this partnership. Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders,” says Megat Zariman Abdul Rahim, president of Velesto.
The drilling rig NAGA 8 is an independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet, as the company mentions.
