Velesto Energy expands in Southeast Asia, eyeing Thailand, Vietnam, Indonesia

Velesto Energy Bhd is enhancing its presence in Southeast Asia, as two rigs are currently competing for contracts in Thailand, Vietnam, and Indonesia – crucial growth markets where the firm has worked in the past.

“This aligns with our strategy to diversify and strengthen our regional footprint, “President Megat Zariman Abdul Rahim told SunBiz.

“Currently, Velesto Energy’s three rigs continue to operate with Petronas Carigali Sdn Bhd, and one rig contract in Malaysia is under negotiation. “ He said.

Megat Zariman said with the jack-up rig market in Malaysia and Southeast Asia remaining stable, Velesto Energy is strategically positioning itself to weather market shifts such as oil price fluctuations and regional competition.

To enhance financial visibility and maintain growth, Velesto Energy is proactively broadening its contract opportunities, with discussions for Naga 5 anticipated to start in June. Velesto Energy is enhancing fleet efficiency by keeping Naga 3 and Naga 8 in optimal condition for upcoming contracts. It aims for 99% fleet uptime, utilizing the impressive performance of Naga 4 and Naga 6, which attained significant utilization in 2024.

The firm is likewise pursuing contract renewals and competing for new tenders throughout Southeast Asia to ensure a strong pipeline, all while upholding cost discipline and strict management of operational costs to optimize margins.