New drilling assignment for Velesto jack-up rig

Malaysian rig owner Velesto has secured work with an estimated combined contract value of $10.9 million for one of its jack-up drilling rigs with Vestigo Petroleum, a subsidiary of Malaysia’s Petronas Carigali.

NAGA 2 rig; Source: Velesto Energy

According to Velesto Energy’s Bursa Malaysia announcement, Velesto Drilling – a wholly-owned subsidiary of Velesto Malaysian Ventures, which in turn is a wholly-owned subsidiary of Velesto Energy – has received a Letter of Award from Vestigo for the provision of the NAGA 2 jack-up drilling rig.

The rig, which was designed by GustoMSC and built by Drydocks World SE Asia, is slated to begin its new five-well drilling job in the fourth quarter of 2023. NAGA 2 is a premium independent-leg cantilever jack-up rig with a drilling depth capability of 30,000 feet. The rig has a rated operating water depth of 350 feet.

This deal comes less than a month after three of Velesto’s rigs got hired by Petronas Carigali for operations in Malaysia. The deal with the Malaysian energy giant has an estimated combined contract value of $128 million.