Velesto secures 5-year drilling contract for NAGA 2

Velesto Energy was awarded a drilling contract by PETRONAS Carigali for the NAGA 2, an independent-leg cantilever jackup drilling rig with a drilling depth capability of 30,000 ft and has a rated operating water depth of 350 ft.

Under the contract, the rig will undertake drilling activities, with operations having started in February 2026 for a firm period of five years. The contract is expected to contribute positively to the Group’s rig utilization and earnings visibility from 2026 to 2030.