Velesto Bags Contracts from Petronas Carigali

Malaysia-based Velesto Drilling, indirect wholly- owned unit of Velesto Energy Bhd’s (VEB), has received a letter of award from Petronas Carigali Sdn Bhd (PCSB) for the provision of jack-up drilling rig Naga 7.

In a filing with Bursa Malaysia, the company said the contract worth an estimated US$8 million  is for the provision of drilling rig services for PCSB’s drilling program, which is expected to commence in the third quarter of 2019.

The Malaysian offshore drilling and services provider said that the contract is expected to contribute positively towards the earnings and net assets of Velesto Group during the contract period for the financial period ending December 31, 2019.

“VEB is of the opinion that the award of the contract is in the best interests of VEB Group, ” it added.
 
Naga 7, which  will drill two firm wells, is a three-legged 375ft independent leg jack-up cantilever rig designed by GustoMSC. The rig is capable to drill at 375ft water depth and deep drilling of 30,000ft.