Velesto Drilling Sdn Bhd (VED) , a wholly owned subsidiary of Velesto Malaysia Ventures Sdn Bhd which in turn is a wholly owned subsidiary of Velesto Energy Berhad (VEB), received a letter of award from Carigali Hess Operating Company Sdn Bhd (“Carigali Hess”) to provide 10K Jackup Drilling Rig for 2020 Drilling Programme
In a filing to Bursa Malaysia today, VED said that the group will assign Naga 8 for the contract with estimated contract value for firm period only of USD 131,000,000.
The contract is expected to commence in the 2nd half of 2020, for a duration of three(3) years with three(3) extension options of six(6) months each.
NAGA 8 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet
About VED
VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is deemed to be registered under the Companies Act 2016. VED is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development and production in Malaysia and overseas.
About Carigali Hess
Carigali Hess is a joint venture Oil and Gas company between PCJDA Ltd, and Hess Oil Company of Thailand Ltd based in Kuala Lumpur engaged in gas production in Block A-18 of the Joint Development Area administered by the Malaysian-Thailand Joint Authority (MTJA).
