Velesto Energy has scored a new win in Southeast Asia with a fresh offshore drilling contract for its NAGA 4 jack-up rig. The deal comes from Phu Quoc Petroleum Operating Company (PQPOC) in Vietnam, signaling Velesto’s growing presence in the regional drilling market.
Over 40 Wells to Be Drilled Starting 2026
Under this newly signed agreement, NAGA 4 will be drilling more than 40 wells, with operations expected to begin in the first half of 2026. This contract is set to positively impact Velesto’s rig utilization and financial performance for both 2026 and 2027.
Velesto is clearly eyeing long-term, value-driven projects, and this move is a strategic step toward deeper penetration in the Southeast Asian energy landscape.
Velesto’s President on the Deal
Sharing his thoughts, Megat Zariman Abdul Rahim, President of Velesto, said:
“We are thankful to PQPOC for this opportunity. It shows strong confidence in our ability to deliver safe, efficient, and high-quality drilling services. We’re proud to be part of such a key project and look forward to contributing to its success.”
About the NAGA 4 Rig
NAGA 4 is a premium independent-leg cantilever jack-up drilling rig, capable of drilling up to 30,000 feet, with a rated water depth of 400 feet. It’s one of Velesto’s flagship rigs and is known for its performance in challenging offshore environments.
Velesto Strengthens Footprint in Southeast Asia
This contract also highlights Velesto’s efforts to expand in high-potential offshore markets like Vietnam. It’s a competitive space, and winning this deal shows Velesto’s strong operational reputation and regional appeal.
