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Velesto Energy wins Petronas jack-up contracts worth $11m

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Velesto Energy, the previous UMW Oil & Gas, is seeing renewed steady work, picking up two Petronas contracts with a combined value of $10.8m.

The contracts from Petronas Carigali for two jack-up rigs were won by its Velesto Drilling unit. The company said in a stock market announcement that its NAGA 3 and NAGA 5 rigs would be used for the contracts.

The work in support Petronas Carigali’s Drilling Programmes,will see the NAGA 3 rig drill two firm wells with one plus one option extensions beginning between July 15 to August 15, 2018.

Read More: Malaysian yards see quicker recovery for tugs, continuing weakness for offshore projects

The second contract for NAGA 5 is for a two firm well with optional two-well extension expected to commence between August 1to August 31, 2018.

The contracts are expected to contribute positively to the group’s  earnings and net assets for 2018, which should help it beef up its balance sheet as it struggles for survival along with the other firms in Malaysia’s beleaguered oil and gas sector.

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