Offshore

Velesto Lands $16.5m Naga 8 Jackup Contract

Velesto Energy secured a $16.5m-plus jackup contract from Jadestone Energy for the 2015-built Naga 8 rig to drill East Belumut Phase 9 from March–July 2026.

Naga 8 jack-up rig

25, February 2026
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Malaysia’s Velesto Energy has won a jackup drilling contract from Singapore-based Jadestone Energy, with the award valued at more than $16.5 million.

The job will be carried out by the 2015-built Naga 8 jackup, an independent-leg cantilever unit hired for the East Belumut Phase 9 infill drilling programme off Peninsular Malaysia. Drilling is scheduled to run from March to July 2026, and the contract is expected to lift Velesto’s rig utilisation while supporting its financial performance.

East Belumut is located about 260 km offshore Peninsular Malaysia. The field is operated by Jadestone Energy together with Petronas Carigali. Earlier infill drilling in 2023 delivered results well above production expectations, and current output is around 7,000 boepd.

Tags: East Belumut, Jadestone Energy, Naga 8, Velesto Energy

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.

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Offshore

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Offshore

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Offshore

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