Velesto Energy Berhad (‘Velesto’ or ‘the Group’), today announced it has entered into a sale & purchase agreement with PT Indonesia Drilling Energy for the sale of its jack-up drilling rig, NAGA 3, for a total cash consideration of USD63.0 million (equivalent to RM258.4 million).
The divestment of NAGA 3, built in 2010, is in line with the Group's ongoing fleet optimisation, with focus on more technically competitive rigs consistent with its position as a premium rig operator. The disposal is expected to yield an estimated gain of approximately RM1.4 million.
Megat Zariman Abdul Rahim, President of Velesto said, “This divestment sharpens our focus on premium rigs that define Velesto’s competitive advantage. Moving toward a more asset-light model enhances our operational agility, strengthens our balance sheet, and ensures we deploy capital where it creates the greatest value. The proceeds will reinforce our core drilling business and support returns to our shareholders.”
The proposed disposal is expected to be completed by end of first half of 2026, allowing Velesto enhanced agility in managing its fleet through a broader mix of ownership and leasing structures, while prioritising rigs that meet current market requirements.
Following the acquisition by PT Indonesia Drilling Energy, NAGA 3 is slated for deployment in Malaysian waters through TEXCAL Energy’s subsidiary, AFED TEXCAL Energy Ventures Sdn Bhd to support its exploration and production operation. This move underscores the continued demand for reliable drilling assets in Malaysia and the regional energy sector.
