Malaysia’s oil and gas services firm Velesto has secured a new drilling contract for its NAGA 8 jack-up drilling rig offshore Indonesia.
The contract has been awarded by PC Ketapang II, PC North Madura II, and PETRONAS North Ketapang, and is set to begin in July 2025.
Velesto’s rig will be engaged for a firm period of four years covering 12 firm wells and three optional wells.
A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities.
Operations are anticipated to resume in July 2026, according to Velesto.
NAGA 8 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.
“This contract award reflects our ongoing efforts to expand Velesto’s footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth.
“We thank the client for their trust and the opportunity to contribute meaningfully to this partnership. Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders,” said Megat Zariman Abdul Rahim, President of Velesto.
The award strengthens Velesto’s position in Southeast Asia’s oil and gas sector, aligning with the company’s long-term strategy to broaden its regional presence while maintaining high operational standards.