Fossil Energy – Drilling
Malaysia’s oil and gas services firm Velesto has secured a five-year drilling contract from Petronas for its NAGA 2 jack-up rig.
Under the contract, NAGA 2 will undertake drilling activities beginning in February 2026 for a firm period of five years.
The award is expected to contribute positively to the group’s rig utilization and earnings visibility from 2026 through 2030.
NAGA 2 is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet.
