Reassess APAC jack-up supply and mobilisation plans now

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

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 drilling rig services for PC Ketapang II, PC North Madura II, and Petronas North Ketapang

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. NAGA 8; Source: Velesto Jadestone Energy has drilled a

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. Since the encouraging results of the first two wells in the 2026 drilling program resulted in a decision to drill a third contingent well, the Asian player confirmed the conclusion of drilling and completion activities on the well, with results to be reported in due course

The rig’s operations are expected to begin in the first quarter of 2027. The local in-country support services will be provided by the rig owner’s in-country partner

With operations anticipated to start during the fourth quarter of 2026, the total contract value, including the firm duration, optional extensions, mobilization and demobilization fees, is about SAR 483 million (equivalent to approximately $129 million). ADES highlighted: “The award reflects the healthy demand environment in the North Sea and follows the recent contract extension secured by ADES in the region for the Shelf Drilling Winner in the Netherlands

The local in-country support services will be provided by the rig owner’s in-country partner