VELESTO Energy Bhd has secured a drilling contract from Phu Quoc Petroleum Operating Company (PQPOC) in Vietnam, involving its NAGA 4 jack-up rig for over 40 wells.
Drilling operations are set to begin in the first half of 2026, with the contract expected to enhance Velesto’s rig utilisation and contribute positively to its financial performance in 2026 and 2027.
Its president Megat Zariman Abdul Rahim said the award reflects confidence in Velesto’s operational capabilities and supports its strategy to secure value-accretive projects and optimise fleet deployment. This win also marks Velesto’s strategic expansion into the Southeast Asian market, strengthening its regional presence. — TMR
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