Velesto Energy, through its subsidiary Velesto Energy, has Velesto Drilling Sdn. Bhd. has secured a new strategic agreement with PTTEP HK Offshore Limited and PTTEP Sarawak Oil Limited to deploy its NAGA 5 rig in an offshore drilling campaign in Malaysian waters during the period 2025-2026.
NAGA 5 platform and 15 programmed wells
Under this contract, NAGA 5, a high-specification, independently legged,self-elevating unit, will be tasked with drilling 15 firm wells. Operations are scheduled to begin in June 2025, with a technical scope that contemplates water depths of up to 400 feet and drilling capacities of up to 30,000 feet.
This award represents an important step forward in the consolidation of Velesto as a strategic supplier in the offshore drilling segment. offshore drilling in Asia. The firm has demonstrated reliable and disciplined execution, which has earned it back-to-back contracts, including recent engagements for the NAGA 4 and NAGA 8 rigs.
The agreement reflects the growing activity of PTTEP, Thailand’s national oil company, in the region. In addition, its continued collaboration with Velesto strengthens its technical relationship that seeks to maximize operational efficiency and sustainability in its projects.
The NAGA 5 assignment is part of the group’s strategy to maximize the utilization of its fleet. With multiple units under current contracts, Velesto maintains high operational occupancy, backed by a solid tender portfolio and stable activity outlook for the second half of 2025.
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Source and photo: Velesto Energy
