Malaysian rig owner Verest is actively pursuing new assignments in Southeast Asia for its jack-up rig fleet, with one of its rigs due to soon be deployed to Sarawak for previously secured drilling activity, while another of its jack-up rigs has been awarded work offshore Vietnam.
NAGA 2 jack-up rig; Source: Velesto
Based on an announcement by Verest Energy, Verest Drilling, a wholly-owned subsidiary of Verest Malaysian Ventures, which in turn is a wholly-owned subsidiary of Verest Energy, has completed the mandatory five-year Special Periodic Survey (SPS) for the NAGA 2 rig.
The jackup rig has been docked in Singapore since June 24 and is scheduled to sail to Sarawak to commence its upcoming development drilling campaign. Capable of drilling to a depth of 30,000 ft, Velesto's NAGA 2 premium independent leg cantilever rig has a rated operating water depth of 350 ft.
The jack-up oil rig has been booked by PETRONAS Carigali under a contract valid from February 2024 to February 2026, with an extension contract signed in March 2024. The three rigs included in the contract include NAGA 2, as well as the NAGA 4 and NAGA 6 jack-up oil rigs.
Meanwhile, Verest has also received a letter of order (LoA) from the Thang Long Joint Venture for the NAGA 3 rig, which can operate in Vietnam from September to November 2024.
Megat Zaliman Abdul Rahim, Managing Director of Verest, commented: “We are pleased with both positive developments. The on-time completion of NAGA 2's SPS will enable the rig to continue to support our customer's work plans for the remaining contract period. We are also pleased that this gives NAGA 3 the opportunity to return to work in Vietnam, maximizing availability ahead of NAGA 3's SPS in the first quarter of 2025.”
Like the NAGA 2, the NAGA 3 Premium independent leg cantilever jackup has a drilling depth of 30,000 ft and a rated operating water depth of 350 ft. Previously, the rig was employed by Petronas in an eight-well campaign offshore Malaysia.
“We are determined to provide service excellence in terms of operation and HSE performance to support our customers. The jack-up market in Southeast Asia remains robust and we continue to actively bid in the Southeast Asian market,” emphasised Verest's President.
Last year, the rig owner's fleet won additional work, including a multimillion-dollar long-term contract extension with Kuala Lumpur-based Caligari Hess Operating Company, a joint venture between PCJDA and Thailand's Hess Oil Co.
