Malaysia’s Velesto Drilling Secures New Rig Assignment for PTTEP Drilling Campaign

Malaysia’s rig owner Velesto Drilling, a subsidiary of Velesto Energy, has been awarded a new multi-well drilling assignment for one of its jack-up rigs off the coast of Malaysia in Southeast Asia.

Velesto has announced that its NAGA 5 jack-up rig will be deployed for the 2025–2026 drilling campaign of PTTEP in Malaysia. The contract was signed with PTTEP HK Offshore and PTTEP Sarawak Oil, with operations set to commence in June 2025. The rig will undertake the drilling of 15 wells during this campaign.

Megat Zariman Abdul Rahim, President of Velesto, expressed gratitude to PTTEP for the trust placed in Velesto to support their drilling operations in Malaysia. He emphasized the company’s commitment to safe and reliable execution, aiming to deliver consistently across campaigns and provide sustainable returns for shareholders.

The NAGA 5 rig boasts a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet, making it well-suited for the upcoming drilling campaign in Malaysia.

Velesto anticipates a busy second half of 2025 due to the increasing regional demand for jack-up rigs. The company highlighted a strong tender pipeline and stable client activity as factors contributing to this positive outlook.

This recent contract award follows Velesto’s successful deals for NAGA 4 in Vietnam and NAGA 8 offshore Indonesia in May 2025, further enhancing the firm’s fleet utilization prospects.