KUALA LUMPUR: Velesto Energy Bhd’s unit Velesto Drilling Sdn Bhd has secured a contract from Petronas Carigali Sdn Bhd to deploy its Naga 3 jack-up drilling rig.
The contract covers one firm well and one optional well, with operations commenced this month.
“This contract adds to the group’s contracted drilling activity in Malaysia and provides near-term revenue visibility.
“It supports utilisation of Naga 3 and generates commercial returns from the asset,” Velsto president Megat Zariman Abdul Rahim said in a statement.
Naga 3 is an independent-leg cantilever jack-up rig capable of drilling to depths of 30,000 feet and rated for operations in water depths of up to 350 feet.
At the midday break, Velesto’s share price dropped 2.78 per cent or half a sen to 17.5 sen, valuing the company at RM1.41 billion.