Velesto Energy, a Malaysian operator of high-end jack-up drilling rigs, has announced the cancellation of the proposed sale of the “Naga 3” jack-up rig; the unit will remain part of its fleet.
On December 14, 2025, Velesto Drilling 3 and Indonesian Drilling Energy Company (PT Indonesia Drilling Energy) reached a sales agreement for the “Naga 3”. Velesto Drilling 3 is a wholly-owned subsidiary of Velesto Rig Assets and a wholly-owned subsidiary of Velesto Energy.
Under the agreement, the two parties had originally planned to complete the delivery in the first half of 2026. According to the original plan, following the completion of the handover, the drilling rig would be operated by AFED TEXCAL Energy Ventures, a subsidiary of TEXCAL Energy, and deployed in Malaysian waters to support its exploration and production operations.
However, on June 30, 2026, after Velesto Drilling 3 issued a notice of termination to the buyer, the sales agreement for the “Naga 3” was terminated effective July 7, 2026. This means the platform is now an asset of Velesto Energy.
Data indicates that the “Naga 3,” built in 2010 and currently 16 years old, is a high-specification, independent-leg, cantilever-type jack-up drilling rig with a maximum operating water depth of 350 feet and a maximum drilling depth of 30,000 feet.