Velesto Unveils PTTEP Jack-up Drilling Deal

 Image for illustration only - Credit: Wanfahmy/AdobeStock
Image for illustration only - Credit: Wanfahmy/AdobeStock

Malaysian firm Velesto Drilling, a subsidiary of Velesto Energy, has secured a contract from the Thai-based oil firm PTTEP to provide a jack-up drilling rig for its offshore drilling program in Malaysia.

In a statement on Tuesday, July 11, 2023, Velesto Drilling said it had assigned the Naga 3 jack-up drilling unit for the contract, with the rig used by PTTEP's Malaysian subsidiaries.

"The contract is to drill two firm wells and is expected to commence in February 2023," Velesto said, only receiving the approval on Tuesday to announce the contract, which apparently started some five months ago.

The two-well contract has an estimated value of approximately $13 million.

To remind,  Velesto in May said it had secured an eight-well contract for the Naga 3 rig with Petronas, with the contract set to kick off in the third quarter of 2023.

The Naga 3 is a jack-up drilling rig capable of drilling depths of up to 30,000 feet (9144 meters) and operating in water depths of 350 feet (106.68 meters. The rig is of the GustoMSC-CJ46-X100D design, and it was delivered in September 2010 by PT. DryDocks World Graha, Batam, Indonesia

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