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Velesto clinches RM85m drilling services project from Petronas Carigali

KUALA LUMPUR (March 19): Velesto Energy Bhd has clinched two contracts worth US$20.76 million (RM85.27 million) from Petronas Carigali Sdn Bhd for the provision of jack-up drilling services.

In a stock exchange filing, the group said the job was awarded to its wholly-owned subsidiary Velesto Drilling Sdn Bhd and involved two jack-up rigs, namely NAGA 2 and NAGA 5.

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

The group said it has assigned NAGA 2 to drill three firm wells, with work expected to commence between May 15 and June 15.

NAGA 5, meanwhile, has been assigned to drill one firm well with an extension option of one plus one well, on the same terms and conditions, with expected commencement date between April 1 and April 14.

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.

Velesto said the contract is expected to contribute positively to its earnings and net assets for the financial period ending Dec 31, 2021.

Shares of Velesto ended one sen or 5.71% lower at 16 sen, valuing the group at RM1.36 billion.

http://www.theedgemarkets.com/article/velesto-clinches-rm85m-drilling-services-project-petronas-carigali

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