Malaysia’s Velesto Energy offshore drilling unit has won a contract for one of its jackup rigs from Singapore-based oil and gas player Jadestone Energy.The contract was awarded to the 2015-built <em>Naga 8</em> jackup, which was hired for work on the East Belumut Phase 9 infill drilling project, off Peninsular Malaysia.The deal for the independent-leg cantilever jackup drilling rig has an estimated contract value of over $16.5m.Drilling operations are scheduled to run from March to July 2026, with the contract expected to enhance Velesto’s rig utilisation and positively contribute to its financial performance.East Belumut is an oil field located 260 km offshore Peninsular Malaysia. It is operated by Jadestone Energy in partnership with Petronas Carigali. Infill drilling campaigns in 2023 significantly exceeded production expectations, with current production being around 7,000 boepd.