Velesto Drilling Sdn Bhd (VED), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, has been awarded a Letter of Award from ConocoPhillips Sarawak Limited and ConocoPhillips Sarawak Oil Limited for a contract for the provision of jack-up rig services.
The contract is for the provision of the NAGA 7 jack-up drilling rig to undertake drilling services for ConocoPhillips, which entails drilling up to three wells offshore Sarawak, Malaysia, with the tentative commencement sometime in the first half of 2021. The estimated contract value is US$8 million.
NAGA 7 is an independent-leg cantilever jack-up rig that has a drilling depth capability of 30 000 ft and has a rated operating water depth of 375 ft.