Velesto wins jackup contract with Jadestone Malaysia

Velesto secured a contract valued at $16.5 million with Jadestone for the provision of a jackup drilling rig in Malaysian waters. The contract covers the assignment of the NAGA 8 jack-up to support the East Belumut Phase 9 infill drilling project. The drilling program is scheduled to begin in March 2026 and run for four months under the terms of the award.

Under the arrangement, Velesto will provide inclusive drilling services and equipment for the duration of the contract, with Jadestone acting as the operator and contract counterparty.

The contract value represents a non-recurring revenue contribution to Velesto’s drilling segment and supports utilization of the NAGA 8 rig within the company’s regional drilling operations.