Velesto bags US$135 mln North Malay Basin contract from Hess

07/11/2022 07:49 PM

KUALA LUMPUR, Nov 7 (Bernama) -- Velesto Energy Bhd’s wholly owned unit Velesto Drilling Sdn Bhd, has bagged a US$135 million (US$1 = RM4.74) contract from Hess Exploration And Production Malaysia B.V.

It said the contract was for the provision of integrated rig, drilling and completion (I-RDC) services for Hess’ 2022 to 2024 North Malay Basin full field development campaign.

“The contract is to provide I-RDC services covering 14 wells with an expected commencement date in the fourth quarter of 2022,” the oil and gas (O&G) offshore drilling services provider said in a filing with Bursa Malaysia today.

Velesto said the group would assign its jack-up rig NAGA 5 for the contract.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 400 feet.



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