Velesto Energy wins Vietnam drilling project
The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027.
PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam.
Under the contract, the oil and gas firm said its Naga 4 jack-up rig will undertake drilling activities for more than 40 wells.
Operations are expected to commence in the first half of 2026. The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027.
Velesto president Megat Zariman Abdul Rahim said the contract award reflects continued confidence in the group's operational capabilities and underscores its ability to deliver safe, efficient, and high-quality drilling services.
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