Wrap text curve on cylndrical face using 'Wrap Curve' command
Divide the cylindrical face using 'Divide Face' command by selecting the wrapped curves
Finally use 'Offset Region' command from synchronous modeling to extrude those curves/letters.
I have attached video of the same.
you can do it but curve rules setting with the single curve and extrude 1 letter at the time your vector is on curve vector.
Ganesh suggestion works well. Please do let us know if there is some issue with that.
Also from manufacturing perspective (if i ignore additive manufacturing) will it be feasible to have this kind of text offset in a fabricated part? Sorry i am not a manufacturing expert so just a bit curious.