Velesto Drilling, a wholly-owned subsidiary of Malaysia’s Velesto Energy, has secured a $16.5 million contract with the Malaysian unit of Singapore’s Jadestone Energy for the provision of a jack-up drilling rig.
The contract will see the NAGA 8 rig support infill drilling activities at the East Belumut Phase 9 project for a period of four months, starting in March.
Megat Zariman Abdul Rahim , President of Velesto, said: “This contract reflects confidence in Velesto’s operating discipline and ability to meet client requirements consistently. We appreciate the trust placed in us and remain focused on safe operations that support rig utilisation.”
The NAGA 8 independent-leg cantilever jack-up drilling rig has a drilling depth capability of 30,000 feet and a rated operating water depth of 400 feet.
In May 2025, it was reported that Velesto had secured a new drilling deal with PC Ketapang II, PC North Madura II, and Petronas North Ketapang for NAGA 8 in Indonesia, spanning a firm period of four years. At the time, the rig owner disclosed a scheduled suspension period from February to July 2026, during which there is a right to market the jack-up for other opportunities before operations resume in July.