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Velesto secures two contracts worth US$20.76 mln from Petronas Carigali

19/03/2021 07:16 PM

KUALA LUMPUR, March 19 -- Velesto Energy Bhd’s indirect subsidiary Velesto Drilling Sdn Bhd (VED) has received two letters of award from Petronas Carigali Sdn Bhd (PCSB) worth US$20.76 million (US$1=RM4.11).

In a filing with Bursa Malaysia today, Velesto said the contracts were for the provision of drilling services via two of its jack-up rigs -- NAGA 2 and NAGA 5. 

The group has assigned NAGA 2 to drill three firm wells, with an expected commencement date between May 15 and June 15, 2021.

Meanwhile, NAGA 5 has been assigned to drill one firm well with an extension option of one plus one well, with the starting date expected to be between April 1 and April 14, 2021.

“The provision of the services is expected to contribute positively to the earnings and net assets of the group for the financial period ending Dec 31, 2021,” said Velesto.


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