Velesto Energy halts jackup rig transfer
Why this news matters:
The termination of the $63 million NAGA 3 sale highlights ongoing uncertainty in the offshore rig market and leaves Velesto with a key fleet asset whose future deployment or disposition remains undecided.
Velesto Energy has terminated the proposed sale of one of its jackup drilling rigs to PT Indonesia Drilling Energy after conditions required under the transaction were not met by the completion deadline.
The sale and purchase agreement between Velesto Drilling and PT Indonesia Drilling Energy was signed in December 2025. Under the agreement, the transaction was expected to be completed by June 30, 2026.
In a filing, Velesto said the conditions for completing the sale were not fulfilled by the deadline, resulting in the agreement being terminated. The company did not disclose further details on the unmet conditions.
The proposed transaction was valued at $63 million. Following the termination, the NAGA 3 jackup rig remains part of Velesto's fleet. The company did not indicate whether it plans to pursue another sale or retain the rig for future drilling opportunities.
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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.