Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.
Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.
The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.
Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.
NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.
“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.
“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.