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Velesto bags RM115 million contract extension for north Malay basin

Last update: 12/02/2019
KUALA LUMPUR, Feb 12 (Bernama) -- Velesto Energy Bhd (VEB) announced that its unit has received a contract extension from Hess Exploration and Production Malaysia B.V. (Hess) for the provision of a high pressure high temperature jack-up drilling rig and services for the North Malay Basin, Malaysia for US$38 million (about RM155 million).

In its filing to Bursa Malaysia today, VEB said the contract extension was for the provision of drilling rig services for Hess' Drilling Programme, whereby VEB Group would assign one of its rigs, NAGA 8, for this contract.

The contract is for a duration of 18 months with an option for further extension, and the value is estimated at US$38 million, commencing in the second quarter of 2018.
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