Velesto secures new drilling contract in Vietnam

Velesto was awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam. This long-term contract marks the group’s expansion into the Southeast Asian market, particularly Vietnam.

Under the contract, Velesto’s NAGA 4 jackup rig will undertake drilling activities for more than 40 wells. Operations are expected to commence in H1 2026. NAGA 4 is a premium independent-leg cantilever jackup drilling rig with drilling depth capability of 30,000 ft and has a rated operating water depth of 400 ft.