KUALA LUMPUR, Feb 25 (Bernama) -- Velesto Malaysian Ventures Sdn Bhd’s wholly owned subsidiary, Velesto Drilling Sdn Bhd, has received a letter of award from Jadestone Energy (Malaysia) Pte Ltd.
The contract is for the provision of a jack-up drilling rig for the East Belumut Phase 9 infill drilling project, offshore Peninsular Malaysia, valued at approximately US$16.49 million (US$1=RM3.88).
Velesto Malaysian Ventures is a wholly-owned subsidiary of Velesto Energy Bhd.
In a Bursa Malaysia filing today, Velesto Energy said the contract will run from March 2026 to July 2026, during which the group will assign its rig, NAGA 8, for this purpose.
NAGA 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
According to the filing, the provision of services to be provided by Velesto Energy is expected to contribute positively towards the earnings and net assets of the group.
-- BERNAMA
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