Five-year Asian drilling gig comes Velesto rig’s way

March 3, 2026, by Melisa Cavcic

Malaysia’s Velesto Energy, owner of premium jack-up rigs, has landed a multi-year drilling assignment for one of its rigs with Petronas Carigali, a subsidiary of the Asian country’s energy giant Petronas.

Thanks to a drilling contract with Petronas Carigali, Velesto’s NAGA 2 jack-up rig will undertake drilling activities, which started in February 2026 and will last five years.

The long-term contract is expected to contribute positively to the rig owner’s jack-up utilization and earnings visibility from 2026 to 2030.

Megat Zariman Abdul Rahim, President of Velesto, commented: “The award marks an important milestone for Velesto and an excellent start to 2026.

“The five-year engagement for NAGA 2 reflects our continued progress in maximising the utilisation of our core assets while strengthening earnings visibility.”

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Project & Tenders

The NAGA 2 independent-leg cantilever jack-up drilling rig has a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet.

The contract aligns with Velesto’s focus on disciplined execution across its operating markets in Southeast Asia and Malaysia.

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