Velesto gets 18-month job extension

PETALING JAYA: Velesto Energy Bhd’s wholly-owned subsidiary, Velesto Drilling Sdn Bhd, has received an extension of 18 months for a jack-up drilling rig from Carigali Hess Operating Company Sdn Bhd in a contract worth US$74mil.

In a filing with Bursa Malaysia, Velesto said the extension would start from April 19, 2024 until Oct 18, 2025, subject to any further extension.

It will continue to assign the Naga 8 rig for the extension period. On Nov 5, 2019, Velesto bagged the contract from Carigali Hess for the latter’s drilling programme in a contract worth US$131mil which commenced in the second half of 2020.