Velesto Drilling Secures Significant Multi-Well Contract for NAGA 5 Rig in Malaysian Waters

Velesto Drilling, a prominent rig owner and a subsidiary of the Malaysian energy services provider Velesto Energy, has successfully secured a new multi-well drilling assignment for one of its state-of-the-art jack-up rigs. This significant contract, awarded by PTTEP HK Offshore and PTTEP Sarawak Oil, will see the NAGA 5 rig deployed in the prolific offshore fields of Southeast Asia, specifically off the coast of Malaysia.

Under the terms of the agreement, the NAGA 5 premium jack-up rig is slated to commence a rigorous 15-well drilling campaign in June 2025, extending through 2026. This long-term engagement for PTTEP's crucial exploration and production activities reaffirms Velesto's strong position in the regional offshore drilling market. The NAGA 5, recognized for its advanced capabilities, boasts a rated operating water depth of 400 feet and an impressive drilling depth capability of 30,000 feet, making it well-suited for demanding offshore environments.

"We extend our sincere gratitude to PTTEP for their enduring trust and the valuable opportunity to contribute to their drilling operations in Malaysia," commented Megat Zariman Abdul Rahim, President of Velesto. "Our unwavering commitment to safe and reliable execution, driven by consistent delivery across multiple campaigns, remains paramount. With several of our rigs now operating under long-term contracts, we are dedicated to maintaining operational discipline and pursuing value-driven execution strategies that cultivate sustainable returns for our shareholders."

The successful deployment and continuous operation of such sophisticated offshore drilling rigs heavily rely on an intricate network of specialized infrastructure. Among the most vital components are the diverse range of cables that power, control, and monitor the entire drilling process. For instance, power cables transmit electricity from generators to all essential machinery, including drilling motors, pumps, and lighting systems. These must be robust, highly insulated, and resistant to harsh marine conditions, including saltwater corrosion, extreme temperatures, and mechanical stress, to prevent power loss and ensure continuous operation.

Furthermore, control and instrumentation cables are indispensable for transmitting data and signals between sensors, control systems, and actuators. These cables facilitate real-time monitoring of drilling parameters, well conditions, and equipment status, enabling operators to make critical decisions swiftly and accurately. The integrity of these communication lines is crucial for automated processes, emergency shutdown systems, and overall operational safety. Subsea cables are also employed for various purposes, such as connecting subsea blow-out preventers (BOPs) to the surface control systems, ensuring precise hydraulic and electrical command in deepwater environments. The selection and installation of these cables require adherence to stringent industry standards, often involving materials like marine-grade copper or fiber optics encased in protective armor, designed to withstand immense hydrostatic pressure and seabed abrasion. Reliable cabling is, therefore, not merely a utility but a foundational element ensuring the precision, safety, and efficiency of complex offshore drilling endeavors.

The Malaysian rig owner continues to capitalize on the escalating regional demand for high-specification jack-up rigs. The company anticipates a significantly more active second half of 2025, underpinned by a robust tender pipeline and consistent client engagement. This latest contract win follows recent strategic deals for other Velesto assets, including the NAGA 4 in Vietnam and the NAGA 8 offshore Indonesia, both secured in May 2025. These achievements collectively bolster Velesto's fleet utilization outlook and reinforce its leadership in the dynamic Southeast Asian offshore energy sector.

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