Velesto scores new gigs from Jadestone and ExxonMobil

Subsidiaries of Malaysia’s Velesto have been awarded deals for one of its jack-up rigs and a hydraulic workover unit.

The first deal was awarded to Velesto Drilling by Jadestone Energy for the provision of the Naga 2 jack-up drilling rig for the East Belumut field infill drilling program. The estimated value of the contract is 6.1m.

The contract is for four firm wells with an estimated commencement date in the third quarter of 2023.

The Naga 2 is a premium independent-leg cantilever jack-up rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet.

The other deal was awarded to Velesto Workover by ExxonMobil Exploration and Production Malaysia for the provision of the Gait 6 hydraulic workover unit.

Under the contract, the unit will provide services during ExxonMobil’s 2023/2024 workover and plug & abandonment program. The start date is expected in the third quarter of the 2023 fiscal year with a two-year contract duration.

The value of this contract with no guarantee of call-offs shall be based upon the agreed rates and work order, if any, issued by ExxonMobil within the contract term.

The Gait 6 is a hydraulic workover unit with maximum pulling and snubbing capacities of 460,000 lbs and 225,000 lbs respectively, capable of rigging up on offshore platforms.

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