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KUALA LUMPUR, March 26 -- Malaysian offshore drilling company Velesto Energy Bhd (VEB) has secured a contract to provide a jack-up drilling rig for ConocoPhillips worth US$8 million (RM33.1 million).
In a filing with Bursa Malaysia today, VEB said the contract is to drill up to three wells with the tentative commencement within the first half of 2021.
VEB said the contract was clinched through Velesto Drilling Sdn Bhd, a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB.
VEB will assign its jack-up rig NAGA 7 for the contract. The rig is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
The provision of the contract is expected to contribute positively to the earnings and net assets of the VEB group for the financial period ending Dec 31, 2021.
The risks associated with the execution of the contract are operational and execution risks.