Velesto Energy Berhad (‘Velesto’ or ‘the Group’), through its wholly-owned subsidiary Velesto Drilling Sdn Bhd, has secured a contract from PETRONAS Carigali Sdn Bhd (‘PETRONAS Carigali’) to deploy its jack-up drilling rig, NAGA 3.

The contract covers one (1) firm well and one (1) optional well, with operations commenced in November 2026. It is expected to contribute positively to the Group’s earnings and net assets over its duration.

Megat Zariman Abdul Rahim, President of Velesto, said, “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. We look forward to working with PETRONAS Carigali and delivering the high standards of safety, reliability and operational performance expected across our drilling operations.”

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.