Velesto Energy has signed an agreement to sell its jack-up drilling rig Naga 3 to PT Indonesia Drilling Energy for $63 million in cash (RM258.4 million).
After the transfer, Naga 3 is set to work in Malaysian waters through TexCal Energy’s subsidiary AFED TexCal Energy Ventures, supporting its exploration and production activity.
Velesto Energy said the disposal of the 2010-built rig supports its fleet optimisation programme, with an emphasis on more technically competitive units in line with its position as a premium rig operator.
The company expects the transaction to generate an estimated gain of about RM1.4 million (around $0.3 million). Velesto Energy president Megat Zariman Abdul Rahim said the sale narrows the group’s attention to premium assets and advances a shift toward a more asset-light model, aimed at strengthening operational flexibility and the balance sheet. He added that the proceeds are intended to reinforce the core drilling business and support shareholder returns.
Completion is targeted by the end of the first half of 2026, subject to the required approvals. Velesto Energy also said the deal reflects continued demand for reliable drilling assets in Malaysia and the wider regional energy sector.
