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Velesto bags two Petronas Carigali contracts

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 10 2018 : Velesto Energy Bhd’s (VEB) in-direct subsidiary, Velesto Drilling Sdn Bhd (VED), has secured two contracts worth US$10.8 million (RM44 million) from Petronas Carigali Sdn Bhd for the provision of jack-up drilling rig services.

The services for both contracts will be for Petronas Carigali’s drilling programme. 

In a filing with Bursa Malaysia yesterday, VEB said for the first contract, the company would assign its Naga 3 jack-up rig to drill two firm wells with an option of an additional one plus one well, and an expected commencement date between July 15-Aug 15, 2018.

The second contract would involve the Naga 5 rig which would drill two firm wells with an option of an additional two wells and an expected commencement date between Aug 1-31, 2018.

“The provision of the drilling services is expected to contribute positively to the earnings and net assets of VEB Group during the contract period for the financial period ending Dec 31, 2018,” it added. – Bernama

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