Velesto Energy announces that Velesto Drilling Sdn. Bhd. (“VED”), a wholly owned subsidiary of Velesto Malaysian Ventures Sdn. Bhd. (“VMV”), which in turn is a wholly owned subsidiary of VEB (collectively referred to as “VEB Group”), has received a Letter of Award from PETRONAS Carigali Sdn Bhd (hereinafter referred to as “PCSB”) for the Provision of Jack-Up Drilling Rig for PCSB 2026-2030.

The Contract is for the Provision of Jack Up Drilling Rig for PCSB, whereby VEB Group will assign its NAGA 2 through VED for this Contract. The Contract is for five (5) years, commencing from February 2026. The Contract value is estimated to be in the region of USD157 million.

NAGA 2 is an independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.

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