Velesto bags Vietnam drilling job for over 40 wells
KUALA LUMPUR: Velesto Energy Bhd has secured a drilling contract from Phu Quoc Petroleum Operating Company in Vietnam involving more than 40 wells, with operations expected to begin in the first half of 2026.
In a filing with Bursa Malaysia today, Velesto said the work will be carried out using its NAGA 4 jack-up rig, which has a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.
"The contract is expected to contribute positively to the company's rig utilisation and financial performance of 2026 and 2027," it said.
Velesto president Megat Zariman Abdul Rahim said the contract reflects continued confidence in its operational capabilities and underscores the company's ability to deliver safe, efficient and high-quality drilling services.
He added that the award also supports the company's focus on securing value-accretive projects that strengthen earnings visibility and optimise fleet deployment.
"We are proud to be a partner for Phu Quoc Petroleum on this very important project and look forward to contributing to its success," he said.
The contract also marks Velesto's strategic expansion into the Southeast Asian market, particularly Vietnam.
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