The offshore drilling unit of Velesto Energy has won a contract from PTTEP for one of its jackup rigs to work offshore Malaysia.
The contract was awarded by PTTEP HK Offshore and PTTEP Sarawak Oil for its 2025–2026 drilling campaign in Malaysia.
Under the contract, Velesto will assign the 2014-built jackup rig Naga 5 to drill a firm 15 wells with operations scheduled to begin in June 2025. PTTEP has an option to extend the contract for up to eight additional wells.
Naga 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.
This latest award follows Velesto’s recent announcements for the Naga 4 and Naga 8 rigs in May 2025. The two will work on over 50 wells combined.
Velesto said that it continued to benefit from rising regional demand for jackup rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.
