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Offshore drilling unit of Malaysia’s Velesto Energy has won a contract for one of its jackup rigs to work offshore Indonesia.
Velesto won a contract from PC Ketapang II, PC North Madura II, and Petronas for its Naga 8 jackup.
The contract, which is set to begin in July 2025, has a firm period of four years covering 12 firm and three optional wells. The value of the deal is estimated at over $90m. The company stated that it was expected to support its rig utilisation and earnings visibility from 2025 to 2028.
A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market the rig for other opportunities. Operations are anticipated to resume in July 2026.
The 2015-built rig is a premium independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
“This contract award reflects our ongoing efforts to expand Velesto’s footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth,” said Megat Zariman Abdul Rahim, Velesto president.
Earlier this week, Velesto won a contract for the Naga 4 jackup from Phu Quoc Petroleum Operating Company in Vietnam. The rig was hired to drill over 40 wells for the Vietnamese firm.
The post Velesto bags $90m jackup deal in Indonesia appeared first on Energy News Beat.
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