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    1. Rigs

    Velesto Energy provides updates for its offshore NAGA 2 & 3 rigs

    Aug. 26, 2024
    Velesto Energy has completed the special periodical survey for the NAGA 2 rig and has secured a new contract for NAGA 3.
    Related To: Velesto Energy Berhad
    Courtesy Velesto Energy
    NAGA 2 rig
    NAGA 2 rig
    A growing number of contracts have been awarded in the low- to mid-$500,000/day range.

    Top 10 offshore drillers catch the wave of rising demand

    The market is seeing an increase in idle units being reactivated. The number of rigs actively working at year-end 2023 was up by 33 over the prior year. The 10 largest managers controlled 56% of the working units globally.

    Velesto Energy Berhad has completed its mandatory five yearly special periodical survey (SPS) for NAGA 2. The rig had been drydocked in Singapore since June 24. It will subsequently head to Sarawak, where it will begin on a development drilling campaign.

    NAGA 2 is an independent cantilever jackup rig designed by GustoMSC.

    “NAGA 2 completing its SPS on time allows the rig to continuously support our client’s workplans for the remaining contract period,” Velesto President Megat Zariman Abdul Rahim said.

    In addition, Velesto has received a letter of award for NAGA 3 from Thang Long Joint Operating Co. NAGA 3 is scheduled to work in Vietnam from September to November.

    “We are also delighted that NAGA 3 has been given the opportunity to return to work in Vietnam, allowing us to maximize our utilization before NAGA 3’s SPS in 1Q 2025," Rahim said.

    NAGA 3 also is an independent cantilever jackup rig designed by GustoMSC. Both rigs are capable of drilling at 350 ft water depth and to 30,000 ft depth. 

    In March of this year, Velesto was awarded a letter of extension from Petronas Carigali for its umbrella contract from February 2024 to February 2026, including notice of assignments for NAGA 2, NAGA 4 and NAGA 6.

    "The Southeast Asia jackup market remains robust, and we continue to bid actively in Southeast markets," Rahim added.