Velesto Energy Unit Bags US$157 Mln Contract From Petronas Carigali

KUALA LUMPUR, March 2 (Bernama) -- Velesto Energy Bhd's (VEB) indirect wholly owned subsidiary, Velesto Drilling Sdn Bhd, has secured a contract worth US$157 million from Petronas Carigali Sdn Bhd (PCSB) to provide a jack-up drilling rig for the PCSB 2026-2030 contract period.

In a filing with Bursa Malaysia, the oil and gas drilling services provider said Velesto Drilling is a wholly owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly owned subsidiary of VEB.

VEB said it will assign its NAGA 2 rig, via Velesto Drilling, for PCSB’s drilling contract, commencing from February 2026 through to 2030.

NAGA 2 is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet. 

“The contract is expected to contribute positively to the group’s earnings and net assets throughout the contract period,” it added.

VEB president Megat Zariman Abdul Rahim said the award marked an important milestone for the company and an excellent start to 2026.

He said the five-year engagement for NAGA 2 reflects its continued progress in maximising the utilisation of its core assets while strengthening earnings visibility.

“We appreciate the trust placed in Velesto and remain committed to delivering safe operations and consistent performance throughout the contract period.

“The contract aligns with the group’s focus on disciplined execution across its operating markets in Southeast Asia and Malaysia,” he said in a separate filing. 

-- BERNAMA