Malaysian driller Velesto Energy said that a contract to provide a jack-up drilling rig to ConocoPhillips for work offshore Sarawak in Malaysia has been officially terminated after the unit sunk in early May.
Malaysian driller Velesto Energy is back in the black after reporting a net profit of RM16.27 million ($3.88 million) for the second quarter following an insurance payout related to the sunken jack-up drilling rig NAGA 7.
Velesto Energyโs NAGA (dragon) 7 jack-up drilling rig that sunk offshore Malaysia last month while under contract to ConocoPhillips will be abandoned.
The sinking of Velesto Energyโs NAGA (dragon) 7 jack-up rig offshore Malaysia has prompted investment firm CGS-CIMB to upgrade the drilling company as the closed-door investigation into the accident continues.
Malaysiaโs Velesto Energy is evaluating potential recovery options for its jack-up drilling rig NAGA (dragon) 7 that sunk off the Malaysian state of Sarawak while working for ConocoPhillips.