Velesto Energy Berhad (VEB) announced that its wholly owned subsidiary Velesto Drilling Sdn Bhd (VED) has received two (2) Letter of Awards from PETRONAS Carigali Sdn. Bhd. (PCSB), for the provision of jack-up drilling rig services
In a filing to Bursa Malaysia today, the group said the contract was awarded to its jack-up rigs, namely NAGA 2 and NAGA 5, with an estimated combined contract value of USD20.76 million (RM85 million).
Provision of Jack-Up Drilling Rig “NAGA 2”
For the provision of Drilling Rig Services for PCSB’s Drilling Programme, VEB Group assigns its NAGA 2 to drill three (3) firm wells, with expected commencement date of between 15 May 2021 to 15 June 2021.
NAGA 2 is a premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.
Provision of Jack-Up Drilling Rig “NAGA 5”
For the provision of Drilling Rig Services for PCSB’s Drilling Programme, VEB Group assigns its NAGA 5 to drill one (1) firm well with an extension option of one (1) plus one (1) well, on the same terms and conditions with expected commencement date, between 1 April 2021 to 14 April 2021.
NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
The provision of the above-mentioned services is expected to contribute positively to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2021.
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