Velesto Energy Berhad (‘Velesto’ or the ‘Group’), today announced that it has been awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam.
Under the contract, Velesto’s NAGA 4 jack-up rig will undertake drilling activities for more than 40 wells. Operations are expected to commence in the first half of 2026. The contract is expected to contribute positively to the Group’s rig utilisation and financial performance of 2026 and 2027.
Megat Zariman Abdul Rahim, President of Velesto, said, “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 deliver safe, efficient, and high-quality drilling services. It also supports our focus on securing value-accretive projects that strengthen earnings visibility and optimise fleet deployment. We are proud to be a partner for PQPOC on this very important project and look forward to contributing to its success.”
This long-term contract marks the Group’s strategic expansion into the Southeast Asian market, particularly Vietnam. With this new win, Velesto continues to demonstrate its competitiveness and strong positioning in the regional drilling industry.
NAGA 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.