Malaysia’s rig owner Velesto Drilling, a subsidiary of Velesto Energy, has won a new multi-well drilling assignment for one of its jack-up rigs off the coast of Malaysia, Southeast Asia.
Velesto will assign its NAGA 5 jack-up rig for PTTEP ’s 2025–2026 drilling campaign in Malaysia, thanks to a contract assigned with PTTEP HK Offshore and PTTEP Sarawak Oil. This premium jack-up rig will drill 15 wells with operations scheduled to begin in June 2025.
Megat Zariman Abdul Rahim , President of Velesto, commented: “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.”
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The NAGA 5 premium independent-leg cantilever jack-up drilling rig has a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.
“Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity,” underlined the Malaysian player.
The contract award follows the rig owner’s recent deals for NAGA 4 in Vietnam and NAGA 8 offshore Indonesia in May 2025, further strengthening the firm’s fleet utilization outlook.