Velesto has entered into a sale and purchase agreement with PT Indonesia Drilling Energy for the sale of its jack-up drilling rig, NAGA 3, for a total cash consideration of $63 million.
The divestment of NAGA 3, built in 2010, is in line with the group's ongoing fleet optimization, with focus on more technically competitive rigs consistent with its position as a premium rig operator, the company said.
The proposed disposal is expected to be completed by end of first half of 2026, allowing Velesto enhanced agility in managing its fleet through a broader mix of ownership and leasing structures, while prioritizing rigs that meet current market requirements.
Following the acquisition by PT Indonesia Drilling Energy, NAGA 3 is slated for deployment in Malaysian waters through TEXCAL Energy’s subsidiary, AFED TEXCAL Energy Ventures to support its exploration and production operation.
“This divestment sharpens our focus on premium rigs that define Velesto’s competitive advantage. Moving toward a more asset-light model enhances our operational agility, strengthens our balance sheet, and ensures we deploy capital where it creates the greatest value. The proceeds will reinforce our core drilling business and support returns to our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.