The Board of Directors of Velesto Energy Berhad (“VEB”) is pleased to announce that Velesto Drilling Sdn Bhd (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB (collectively be referred as “VEB Group”), has been awarded with a Letter of Award from ConocoPhillips Sarawak Limited and ConocoPhillips Sarawak Oil Limited (collectively be referred as “ConocoPhillips”), for a Contract for the provision of jack-up rig services, the approval of which was received today (“Contract”).
The Contract is for a jack-up rig named NAGA 7 with an estimated contract value of USD8 million.
Details of the Contract is summarized below:
Provision of Jack-Up Drilling Rig “NAGA 7”
The Contract is for the provision of a jack-up drilling rig to undertake drilling services for ConocoPhillips, and VEB Group will assign its NAGA 7 for this Contract.
The Contract is to drill up to 3 wells with the tentative commencement sometime in the first half of 2021.
NAGA 7 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
Source: Velesto
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