Velesto Inks Five-Year Drilling Deal for Jack-Up Rig with Petronas
March 3, 2026
Malaysia’s oil and gas services firm Velesto has secured a five-year drilling contract from Petronas for its NAGA 2 jack-up rig.
Under the contract, NAGA 2 will undertake drilling activities beginning in February 2026 for a firm period of five years.
The award is expected to contribute positively to the group’s rig utilization and earnings visibility from 2026 through 2030.
NAGA 2 is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet.
“The award marks an important milestone for Velesto and an excellent start to 2026. The five-year engagement for NAGA 2 reflects our continued progress in maximizing the utilization of our core assets while strengthening earnings visibility.
“We appreciate the trust placed in Velesto and remain committed to delivering safe operations and consistent performance throughout the contract period,” said Megat Zariman Abdul Rahim, President of Velesto.
