Velesto Energy Berhad (‘Velesto’), provided an update regarding the suspension of the contract for NAGA 8 due to early completion of drilling programme.
Velesto has identified this as an opportunity to accelerate the Special Periodic Survey for NAGA 8. This approach positions NAGA 8 to capitalise on the opportunities the Group is actively pursuing.
Velesto remains committed to pursue tender opportunities across domestic and regional markets which are ongoing for NAGA 8 and other rigs within the fleet. With the current tender of RM5.4 billion, the Group remains confident in its ability to continue delivering value to stakeholders.
The Group’s strong order book, which stands at RM0.9 billion will support its financial visibility until 2026. NAGA 2, NAGA 4, and NAGA 6 will remain contracted until the first quarter of 2026, ensuring continued operations and stability in our rig utilisation.
