The deal for four infill and three exploration wells offshore Thailand starts in Q3 2026 and may boost earnings.
Malaysia’s Velesto Energy will deploy its NAGA 6 jack-up rig for Northern Gulf Petroleum in the Gulf of Thailand. The contract covers drilling four infill wells and three exploration wells, with options for two more exploration wells. Operations are set to begin in the third quarter of 2026.
NAGA 6 is a premium independent leg jack-up rig capable of drilling to 9,144m and operating in waters up to 375ft deep. The contract follows ongoing offshore exploration activity in Southeast Asia and aims to strengthen Velesto’s drilling segment.
Velesto’s president said the award reflects confidence in its rigs and is expected to contribute positively to earnings. Northern Gulf Petroleum, Thailand’s only privately owned oil and gas exploration firm, focuses on upstream assets in the region.