Velesto Energy Berhad consolidated its regional expansion strategy after being awarded a contract by Phu Quoc Petroleum Operating Company(PQPOC) to carry out drilling activities in Vietnam. The agreement calls for the mobilization of the NAGA 4 jack-up rig to drill more than 40 shallow water wells, starting in the first half of 2026.
The awarding of the new contract for the NAGA 4 platform
The award to Velesto is a direct boost to fleet utilization and will have a positive impact on financial results. The NAGA 4designed for high-specification operations, has a drilling capacity of up to 30,000 feet and can operate in water depths of up to 400 feet, establishing it as a key unit in the shallow water segment in Southeast Asia.
This new contract ratifies Velesto’s Velesto’s strategy to consolidate its presence in Asia Tenggara. Vietnam represents a market with high potential in offshore exploration and production, and the confidence placed by PQPOC strengthens the company’s reputation as a reliable and efficient provider of drilling services in the region.
We are grateful to Phu Quoc Petroleum Operating Company (‘PQPOC’) for the award of this contract.
This contract award reflects continued confidence in our operational capabilities and underscores our ability to provide safe, efficient and high quality drilling services.
It also supports our focus on securing projects that generate value, strengthen revenue visibility and optimize fleet deployment. We are proud to be PQPOC’s partner in this important project and look forward to contributing to its success.
Megat Zariman Abdul Rahim, Chairman of Velesto.
The NAGA 4 is equipped with independent bases and cantilever, allowing it to operate efficiently in different types of offshore fields. In addition, its design makes it a versatile tool in Velesto’s fleet.
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Source and photo: Velesto Energy Berhad
