KUALA LUMPUR (June 4): Velesto Energy Bhd (KL:VELESTO) has secured a contract to provide its Naga 6 jack-up drilling rig and associated services for an offshore drilling campaign in Thailand.

The contract from Thailand’s Northern Gulf Petroleum Pte Ltd covers drilling of four infill wells and three exploration wells, Velesto said in a statement on Thursday. The contract also comes with options for an additional one plus one exploration well.

Works are expected to start in the third quarter of 2026, the company said.

The contract value was not disclosed in the statement.

Northern Gulf Petroleum is Thailand’s first privately-owned exploration-and-production company mainly engaged in acquisition, development, operation, and management of upstream oil and gas assets.

“The contract award further strengthens Velesto’s drilling segment and reflects continued ability to secure opportunities across our core operating markets amid ongoing offshore development and exploration activities in the region,” said Velesto president Megat Zariman Abdul Rahim.

Naga 6 could drill to as deep as 30,000 feet and has a rated operating water depth of 375 feet, according to Velesto.

At noon break on Thursday, Velesto’s shares were up by half a sen or 1.6% to 31 sen. At its last price, the company had a market value of RM2.56 billion.