PETALING JAYA: Velesto Energy Bhd has secured a contract from Petronas Carigali Sdn Bhd to deploy its NAGA 3 jack-up drilling rig, strengthening the group’s contracted drilling activities in Malaysia.

The contract, awarded through its wholly-owned subsidiary Velesto Drilling Sdn Bhd, covers one firm well and one optional well, with operations expected to commence in November 2026.

Velesto said in a Bursa Malaysia filing that operations are expected to commence in November 2026.

Velesto president Megat Zariman Abdul Rahim said the contract would provide near-term revenue visibility while supporting the utilisation of NAGA 3 and generating commercial returns from the asset.