NAGA 4 jack-up rig - Velesto

Shell books Velesto rig for seven wells

Malaysian offshore drilling contractor Velesto Drilling has been awarded a contract by Shell for the provision of jack-up rig services. This is Velesto’s third drilling contract in less than 20 days.

NAGA 4 jack-up rig; Source: Velesto
NAGA 4 jack-up rig - Velesto
NAGA 4 jack-up rig; Source: Velesto

Velesto Drilling is a subsidiary of Velesto Malaysian Ventures, which in turn is a wholly-owned subsidiary of Velesto Energy.

Velesto Drilling has received a letter of award from Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited (SSB/SSPC)

The contract is for the jack-up rig NAGA 4, with an estimated contract value of $17.68 million.

Under the contract, the NAGA 4 will drill seven firm wells with an expected start date between 15 August 2021 to 15 October 2021.

The NAGA 4 rig is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

According to previous information, the rig is currently under contract with Mubadala Petroleum, which was awarded back in December 2019.

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The contract was for seven firm wells with an estimated value of $30 million. It is scheduled to end in May 2021.

When it comes to the rig owner’s recent contracts, the company was in March awarded two deals, one with Petronas and the other with ConocoPhillips.

Velesto agreed to provide two jack-up rigs to Petronas through a deal valued at $21 million.

Under the contract with ConocoPhillips, which is valued at $8 million, the rig owner will provide it with the NAGA 7 jack-up rig.