Reassess APAC jack-up availability after Malaysia infill drilling wins

Home Fossil Energy 2015-built jack-up on the lookout for future drilling jobs, as rig deal gets scrapped July 20, 2026, by Malaysia’s Velesto Energy, owner of premium jack-up rigs, has unveiled the termination of a contract for a jack-up rig currently working in Malaysian waters, Southeast Asia. Naga 8 rig; Source: Velesto Energy Velesto has agreed to terminate a contract without cause on July 7, 2026, following a confirmation from May 2025 in relation to a letter of award (LoA) for the provision of jack-up dri

Velesto claims that this termination provides it with the opportunity to actively market the rig for alternative deployment opportunities. As a result, the firm is working to secure new contracts with improved commercial terms, optimized drilling sequence and enhanced overall commercial prospects

Before the contract for the provision of the Naga 8 jack-up drilling rig was terminated, the unit completed Phase 1 of the project, comprising three of the 12 commitment wells over approximately eight months. Velesto claims that this termination provides it with the opportunity to actively market the rig for alternative deployment opportunities

Jadestone booked Velesto’s NAGA 8 rig to support infill drilling activities at the East Belumut Phase 9 project for a period of four months, starting in March

Home Fossil Energy Southeast Asian infill drilling campaign yields oil uptick with two wells now online July 20, 2026, by AIM-listed and Singapore-headquartered oil and gas player Jadestone Energy has achieved a production boost at its field off the coast of Malaysia by bringing another well on stream, as a result of its infill drilling program, which enabled it to spud a third one as well, with results currently being evaluated to determine the next steps

Mitch Little, Chief Executive Officer of Jadestone, commented: “Following on from the excellent results of the first well in the 2026 East Belumut campaign, the second well has delivered a similarly positive outcome. It sets a new record for extended reach drilling across all basins in Malaysia, a very impressive milestone by our drilling team

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