Velesto Energy Berhad (‘Velesto’ or the ‘Group’), through its wholly owned subsidiary Velesto Drilling Sdn Bhd, announced that it has been awarded a drilling contract of approximately USD16.5 million by Jadestone Energy (Malaysia) Pte Ltd.
The contract involves the provision of NAGA 8 to support infill drilling activities at the East Belumut field, with operations expected to commence in March 2026 for a period of four-months.
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.”
NAGA 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
