Velesto rig set to drill infill wells for Jadestone offshore Malaysia
Jadestone Energy has issued a letter of award to Velesto Drilling to provide a jackup rig for the East Belumut Phase 9 infill drilling program offshore Peninsular Malaysia.
Velesto intends to assign the NAGA 8 for the four-month contract, which starts next month, with an estimated value of nearly $16.5 million.
According to the company, NAGA 8 is a premium independent-leg cantilever jackup capable of drilling down to 30,000 ft, in up to 400 t water depths.
As for other rigs in the company’s fleet, NAGA 2 remains contracted throughout 2026, the company said in its latest quarterly report.
NAGA 4 will undergo rig preparation works before starting work for Phu Quoc Petroleum Operating Co. offshore Vietnam in the second half of this year.
NAGA 5 will likely continue to drill option wells over the next few months, while NAGA 6 is contracted through second-quarter 2026.
Velesto added that it continues to bid actively for opportunities in 2027. The company’s current orders total RM1.3 billion (US$333.8 million).
Exclusive content:
About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.