Gulf Oil and Gas accountACCOUNT

Velesto Drilling Awarded Contracts by PETRONAS for Drilling Offshore Malaysia

Source: www.gulfoilandgas.com 9/6/2019, Location: Asia

Velesto Energy (VEB) has announced that Velesto Drilling (VED) (formerly known as UMW Offshore Drilling), a wholly-owned subsidiary of VEB, has been awarded four contracts by PETRONAS Carigali (PCSB), for the provision of jack up drilling rigs services. All the awarded contracts will commence from April 2019 onwards for a firm duration of one (1) year, with an option of an additional one (1) plus one (1) year extension for each of the contracts.

Commenting on the award, Rohaizad Darus, President of Velesto Energy Berhad said, 'We must thank PETRONAS for their continued support and trust in local service providers in addressing increased activities in the exploration and production sector. I believe the drilling segment of the oil and gas industry is seeing brighter days ahead as evidenced by the increased in global activities to address industry’s declining reserves and production.'

The contracts which carry a cumulative value of over US$104.7 million for the first one year firm period will see four (4) premium jack-up drilling rigs from Velesto Energy Berhad’s fleet; NAGA 2, NAGA 3, NAGA 5 and NAGA 6 taking part in PCSB’s drilling campaign located in Malaysian waters.

'Now that the baseline revenue stream is secured, we can give more attention to further improving our bottom line by continuous cost control and increasing operational and financial efficiencies. It will also give us the opportunity to develop the global market for the rest of the drilling rigs,' added Rohaizad.

Rigs >>

Rigs News in Malaysia >>

United Arab Emirates >>  10/9/2019 - Shelf Drilling has secured a three-year contract extension on the High Island VII jack-up rig in direct continuation of its current contract for drill...
United Arab Emirates >>  10/7/2019 - Shelf Drilling, Ltd. (Shelf Drilling) has secured a four-month extension for each of the High Island II, High Island IV, Main Pass I and Main Pass IV ...

Russia >>  10/2/2019 - KCA Deutag subsidiary Bentec, one of the world's leading manufacturers of drilling rigs and oilfield equipment, has signed a multi-million euro contra...
Australia >>  10/1/2019 - As operator for ATP 2021, Vintage Energy Ltd has signed a Letter of Intent with Schlumberger to use their SLR-185 rig to drill Vali-1, which is expect...

United States >>  10/1/2019 - Valaris plc (VAL) announced new contracts and contract extensions, with associated revenue backlog of approximately $245 million, awarded subsequent t...
United Kingdom >>  9/30/2019 - Neptune Energy and its joint venture partners BP and JAPEX today announced Valaris plc has been awarded a contract to provide a heavy-duty jack-up dri...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Malaysia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.