Velesto secures drilling contract for NAGA 8 in Indonesia

Velesto secured a new drilling contract from PC Ketapang II, PC North Madura II and PETRONAS for its NAGA 8 jackup rig in Indonesia. The contract, which starts in July 2025, spans a firm period of four years covering 12 firm wells and three optional wells.

NAGA 8 is an independent-leg cantilever jackup drilling rig with drilling depth capability of 30,000 ft and has a rated operating water depth of 400 ft.

A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the Client.