Malaysia’s oil and gas services firm Velesto has secured a drilling contract by Phu Quoc Petroleum Operating Company (PQPOC) for its NAGA 4 jack-up drilling rig, which will be put to work off Vietnam.
Under the long-term contract, Velesto’s NAGA 4 rig will undertake drilling activities for more than 40 wells.
Operations are expected to begin in the first half of 2026, marking Velesto’s expansion into the Southeast Asian market, particularly Vietnam.
NAGA 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
“We are grateful to PQPOC for the award of this contract. This contract award reflects continued confidence in our operational capabilities and underscores our ability to deliver safe, efficient, and high-quality drilling services.
“It also supports our focus on securing value-accretive projects that strengthen earnings visibility and optimize fleet deployment,” said Megat Zariman Abdul Rahim, President of Velesto,