PTTEP taps Velesto jackup for 15-well campaign

Velesto Energy’s offshore drilling unit has clinched a significant contract with PTTEP for its jackup rig operations in Malaysia. The agreement, awarded by PTTEP HK Offshore and PTTEP Sarawak Oil, is part of the company’s drilling campaign scheduled for 2025-2026. Velesto will deploy its 2014-built rig, Naga 5, to drill a total of 15 wells starting in June 2025, with the potential for PTTEP to extend the contract for an additional eight wells.

Details of the Contract and Rig Specifications

The Naga 5 is a premium independent-leg cantilever jack-up drilling rig, designed to operate in water depths of up to 400 feet and capable of drilling to depths of 30,000 feet. This contract marks a continuation of Velesto’s recent successes, following the announcements of contracts for the Naga 4 and Naga 8 rigs, which are set to work on over 50 wells combined in May 2025.

Jackup Rig Collapses off Trinidad, Leaving One Worker Missing

Velesto Energy has expressed optimism regarding the growing demand for jackup rigs in the region. The company anticipates a more active second half of 2025, driven by a strong tender pipeline and consistent client engagement. This contract with PTTEP not only reinforces Velesto’s position in the offshore drilling market but also highlights the increasing activity in Malaysia’s oil and gas sector.