The board of directors of Velesto Energy Berhad (VEB) announced that Velesto Drilling Sdn Bhd (VED), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB, has received a letter of award from PETRONAS Carigali Sdn. Bhd. (PCSB), for the provision of jack-up drilling rig services. The contract is for the provision of services of jack-up rig, namely NAGA 2, with an estimated contract value of USD 12.4 million. For the provision of drilling rig services for PCSB’s drilling programme, VEB Group assigns its NAGA 2 to drill five firm wells, with the extension option of one plus one well, with an expected commencement date of between December 1, 2021 to December 31, 2021. NAGA 2 is a premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.