Velesto inks offshore Indonesia drilling rig contract

Velesto has secured a drilling contract for the NAGA 8 jackup rig for work offshore Indonesia.
Related To: 
May 23, 2025
Courtesy Velesto
offshore NAGA 8 offshore drilling rig
NAGA 8 is an independent-leg cantilever jackup drilling rig with drilling depth capability of 30,000 ft and has a rated operating water depth of 400 ft.

Velesto Drilling Sdn. Bhd. has received a letter of award from PC KETAPANG II Ltd., PC NORTH MADURA II Ltd. and PETRONAS NORTH KETAPANG Sdn. Bhd. for jackup drilling rig services.

Velesto will assign its NAGA 8 jackup rig. The contract is for a firm period of four years, covering 12 firm wells and three optional wells, with an estimated contract value of more than $90 million. It is scheduled to begin in July of this year.

A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are expected to resume in July 2026, with any changes to the suspension timeline to be communicated by the clients.

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