Velesto Energy Berhad said its subsidiary has received a copy each of Notice of Assignment for its drilling rig NAGA 2, NAGA 4 and NAGA 6 from Petronas Carigali Sdn. Bhd. for two (2) years, commencing from 7 February 2024 until 6 February 2026.
The NOA is inclusive of the continuation from the current drilling campaign as per Notice of Assignment dated 11 January 2024, 7 March 2023 and 2 June 2023, for a total contract value of USD73,040,600, USD94,883,800 and USD97,077,800 respectively.
VED had also on 2 February 2024 received a copy of Letter of Contract Extension from PCSB which extends the term of the Contract for two (2) years, commencing from 7 February 2024 until 6 February 2026.
The group said the contracts for NAGA 2, NAGA 4 and NAGA 6 are expected to contribute positively towards the earnings and net assets of VEB Group during the period of the contracts.
