Special periodical surveys (SPS) for the NAGA 8 and NAGA 3 rigs are on track for completion in the second quarter of 2025, according to a recent quarterly update by Velesto Energy Berhad.
NAGA 8 is undergoing its five-year SPS, which is scheduled for completion in second-quarter 2025. Following the completion of the SPS, NAGA 8 is scheduled to begin operations offshore Indonesia in the third quarter, from July 2025 until February 2026.
NAGA 3 will remain idle until Velesto secures future work.
Velesto says jackup rig marketed utilization remains at 93% and 91% regionally and globally, respectively.
NAGA 2, NAGA 4 and NAGA 6 will remain contracted until first-quarter 2026.
NAGA 2 will be working for Northern Gulf Petroleum (NGP) offshore Thailand between May and September this year under a farmed-out agreement between PETRONAS Carigali and NGP. Then it is expected to continue working with Petronas until first-quarter 2026.
In the company's quarterly update, Velesto President Megat Zariman Abdul Rahim said, "The increasing offshore activities in Southeast Asia signal strong market momentum, as reflected in our recent contract wins in Vietnam and Indonesia."
Velesto also reported a lower rig utilization rate of 67% (compared to 94% in first-quarter 2024), which it says is primarily due to the idle periods of NAGA 3 and NAGA 5.
