Velesto bags RM61mil contract from Thailand’s oil corporation

Velesto bags RM61mil contract from Thailand’s oil corporation

To provide a jack-up drilling rig for PTT Exploration and Production Public Company Ltd’s drilling programmes.

NAGA 3 is Velesto Energy’s independent-leg cantilever jack-up drilling rig with a drilling depth capability of 9,144m. (Baltic shipping pic)
PETALING JAYA:
Velesto Energy Bhd’s (VEB) indirect wholly-owned subsidiary, Velesto Drilling Sdn Bhd, has secured a contract for the provision of a jack-up drilling rig for Thailand’s PTT Exploration and Production Public Company Ltd’s (PTTEP) exploration drilling programmes estimated to be worth US$13 million (RM60.58 million).

In a filing with Bursa Malaysia today, the oil and gas services provider said the contract was secured from PTTEP’s subsidiaries – PTTEP HK Offshore Ltd, PTTEP Sabah Oil Ltd, and PTTEP Sarawak Oil Ltd.

It said the contract, commencing from February 2023, is to drill two firm wells and Velesto Energy would assign its NAGA 3 for the contract.

NAGA 3 is a premium independent-leg cantilever jack-up drilling rig with a drilling depth capability of 9,144m and a rated operating water depth of approximately 106.7m.

Founded on June 20, 1985, PTTEP is Thailand’s national oil company and its main business is to explore and produce petroleum products, mainly natural gas, crude oil and condensate, with focus areas in Thailand, Southeast Asia and the Middle East.

Velesto Energy’s shares closed flat at 24 sen today, giving it a market capitalisation of RM1.9 billion.

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