Latest news with #PhuQuocPetroleumOperatingCompany
The Star
20-05-2025
- Business
- The Star
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.
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
Velesto wins multi-well drilling contract in Vietnam, marks strategic entry into Southeast Asia
VELESTO Energy Bhd has secured a drilling contract from Phu Quoc Petroleum Operating Company (PQPOC) in Vietnam, involving its NAGA 4 jack-up rig for over 40 wells. Drilling operations are set to begin in the first half of 2026, with the contract expected to enhance Velesto's rig utilisation and contribute positively to its financial performance in 2026 and 2027. Its president Megat Zariman Abdul Rahim said the award reflects confidence in Velesto's operational capabilities and supports its strategy to secure value-accretive projects and optimise fleet deployment. This win also marks Velesto's strategic expansion into the Southeast Asian market, strengthening its regional presence. — TMR
New Straits Times
20-05-2025
- Business
- New Straits Times
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.
The Star
20-05-2025
- Business
- The Star
Velesto secures new drilling contract for Naga 4 in Vietnam
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. 'It also supports our focus on securing value-accretive projects that strengthen earnings visibility and optimise fleet deployment.' Velesto said this long-term contract marks the group's strategic expansion into the South-East Asian market, particularly Vietnam. 'With this new win, Velesto continues to demonstrate its competitiveness and strong positioning in the regional drilling industry. 'Naga 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.'
