Velesto Energy today announced that Velesto Drilling (VED), a wholly-owned subsidiary of Velesto Malaysian Ventures, which in turn is a wholly-owned subsidiary of VEB, has received a Letter of Award from Hess Exploration And Production Malaysia for the Provision of Integrated Rig, Drilling and Completion (“I-RDC”) Services for Hess’ 2022 to 2024 North Malay Basin Full Field Development Campaign, the approval of which was received today, with an estimated Contract value of USD135 million.

The VEB Group will assign its jack-up rig NAGA 5 for this Contract. The Contract is to provide I-RDC services covering 14 wells with an expected commencement date in Q4-2022.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

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