As per the terms of the award, the offshore drilling contractor will provide three jack-up rigs: NAGA 3, NAGA 4, and NAGA 6. All three rigs are premium independent-leg cantilever jack-ups with a drilling depth capability of 30,000 feet. Velesto’s NAGA 3 rig has a rated operating water depth of 350 feet, while NAGA 4 comes with a rated operating water depth of 400 feet and NAGA 6 has a rated operating water depth of 375 feet.

These three rigs are slated to begin their assignments with Petronas in the third quarter of 2023. While NAGA 3 is booked for eight firm wells, NAGA 4’s drilling agenda covers four firm wells plus two one-well options. On the other hand, NAGA 6 has been hired for ten firm wells plus one optional well.

The rig operator further underlines that the provision of these rig services is expected to contribute to the earnings and net assets of the group during the contract period for the financial periods ending 31 December 2023 and 2024, however, the rig owner did not mention specific day rates.

Regarding Velesto’s recent activities, the Malaysian player won a deal with Hess in November 2022 for drilling operations on a project located offshore Peninsular Malaysia.