Southeast Asia calling jack-up duo: One Velesto rig ready to make a beeline for Sarawak, as other lands drilling work in Vietnam

While Malaysia’s rig owner Velesto, which is set on actively pursuing new assignments in Southeast Asia for its jack-up fleet, is due to send one of its rigs to Sarawak soon for a previously secured drilling campaign, another of its jack-ups has got a hold of a job off the coast of Vietnam.

Based on Velesto Energy’s announcement, Velesto Drilling – a wholly-owned subsidiary of Velesto Malaysian Ventures, which in turn is a wholly-owned affiliate of Velesto Energy – has wrapped up its mandatory five-year special periodical survey (SPS) for the NAGA 2 rig.

This jack-up has been drydocked in Singapore since June 24 and is expected to head to Sarawak, where it will begin its upcoming development drilling campaign. With a drilling depth capability of 30,000 feet, Velesto’s NAGA 2 premium independent-leg cantilever rig has a rated operating water depth of 350 feet.

The jack-up has been booked by Petronas Carigali, thanks to a contract valid from February 2024 to February 2026, for which a letter of extension was secured in March 2024. The rig trio, covered by the deal, entails NAGA 4 and NAGA 6 jack-ups aside from NAGA 2.

Meanwhile, Velesto has also won a letter of award (LoA) for the NAGA 3 rig from Thang Long Joint Operating Company, enabling the jack-up to carry out operations in Vietnam from September to November 2024.

Megat Zariman Abdul Rahim, Velesto’s President, commented: “We are pleased with both positive developments. NAGA 2 completing its SPS on time allows the rig to continuously support our client’s work plans for the remaining contract period. We are also delighted that NAGA 3 has been given the opportunity to return to work in Vietnam, allowing us to maximise our utilisation before NAGA 3’s SPS in 1Q 2025.”

Like NAGA 2, the NAGA 3 premium independent-leg cantilever jack-up, with a drilling depth capability of 30,000 feet, has a rated operating water depth of 350 feet. Previously, the rig was hired by Petronas on an eight-well campaign offshore Malaysia.

“We are determined to deliver service excellence in terms of operational and HSE performance to support our clients. The Southeast Asia jack-up market remains robust and we continue to bid actively in Southeast markets,” highlighted Velesto’s President.

The rig owner’s fleet got additional jobs last year, such as a long-term multimillion-dollar contract extension with Kuala Lumpur-based Carigali Hess Operating Company, a joint venture between PCJDA and Hess Oil Company of Thailand.