Velesto wins PETRONAS Carigali contract for Naga 3
The award leaves the company's six jack-up drilling rigs fully booked through at least the end of 2026.
Velesto Energy Bhd has been awarded drilling work by PETRONAS Carigali Sdn Bhd involving its Naga 3 jack-up rig, with a start expected in November. The company did not provide a contract value or completion date in its exchange filing.
The scope includes one firm well, while a second well is optional. PETRONAS Carigali handles exploration and production for PETRONAS.
Velesto said the award means its entire fleet of six jack-up drilling rigs has work secured through at least the end of 2026. At the end of July, its firm order book totalled RM1.3 billion.
President Megat Zariman Abdul Rahim said the additional Malaysian drilling work would improve visibility over revenue in the near term.
An earlier deal to sell Naga 3 to PT Indonesia Drilling Energy was cancelled in July. The proposed price was US$63 million, or about RM258 million.
Before the contract announcement, Velesto shares entered Wednesday's midday break at 17.5 sen, a decline of half a sen, or a little under 3%.
