Velesto awarded Malaysia jackup drilling contract for East Belumut field

(WO) - Velesto Energy Berhad has secured a drilling contract valued at approximately $16.5 million from Jadestone Energy (Malaysia) Pte Ltd. to support infill drilling operations at the East Belumut field offshore Malaysia.

The contract, awarded to Velesto’s wholly owned subsidiary Velesto Drilling Sdn Bhd, will see the premium independent-leg cantilever jackup rig NAGA 8 deployed for a four-month campaign beginning in March 2026. The work will support Phase 9 development drilling at the East Belumut field.

NAGA 8 is capable of drilling to depths of 30,000 ft and operating in water depths of up to 400 ft. The rig will conduct infill drilling aimed at sustaining production from the mature offshore asset.

Velesto said the award reflects continued demand for jackup drilling services in Southeast Asia and supports fleet utilization in the region. The company operates a fleet of six jackup rigs and two hydraulic workover units, with operations spanning Malaysia and other Southeast Asian markets including Indonesia, Vietnam, Thailand and the Philippines.