Global and Regional MarketsNewsThe Offshore Frontier

Velesto Energy secures contract extension with Carigali Hess

Velesto Drilling, a subsidiary of Velesto Malaysian Ventures, has announced a contract extension with Carigali Hess as of 1 November. Set to run another 18 months, the deal is subject to any further extension as may be mutually agreed upon between the parties.

The contract is expected to commence in April 2024 and run through October 2025, holding a value of roughly $74 million. It will continue to assign the NAGA 8 jackup rig, which has a drilling depth capability of 30,000 ft and a rated operating water depth of 400 ft.

The contract was initially awarded by Carigali Hess in 2019, with a value of $131 million.

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