Velesto Drilling, a subsidiary of Malaysia-based multinational services provider Velesto Energy, has been awarded a drilling contract by PTTEP for its 2025–2026 drilling campaign in the country.
PTTEP HK Offshore and PTTEP Sarawak Oil are collectively recognised under the umbrella term PTTEP.
The contract involves the deployment of Velesto Energy-owned jack-up rig NAGA 5 to drill 15 wells.
Velesto president Megat Zariman Abdul Rahim said: “We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia.
“Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns. With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders.”
This new contract follows closely on the heels of the company’s announcements regarding NAGA 4 and NAGA 8 in May 2025, and is expected to bolster the group’s fleet utilisation outlook.
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By GlobalDataThe company is positioned to capitalise on the increasing regional demand for jack-up rigs.
Independent-leg cantilever jack-up drilling rig NAGA 5 is equipped with features, including a rated operating water depth of 400ft and a drilling depth capability of 30,000ft.
Velesto Energy’s fleet includes six wholly-owned jack-up drilling rigs and two hydraulic workover units, establishing Velesto as the largest jack-up drilling rig owner and operator in Malaysia and Southeast Asia.
In October 2024, Velesto Energy signed a memorandum of understanding (MoU) with SLB, through Velesto Drilling.
This three-year partnership is set to enhance the capabilities of Velesto’s drilling rigs by integrating SLB’s DrillOps intelligent well delivery and insights solutions, as well as its drilling emissions management solutions, on selected Velesto rigs.
