Saturday, 18 July 2026

Velesto Energy has walked away from the planned sale of its NAGA 3 jack-up drilling rig to PT Indonesia Drilling Energy, after the deal did not close within the deadline the two parties had set, according to Offshore Engineer OEDigital.

Velesto Drilling, a subsidiary, sent the buyer a termination notice on June 30, 2026, and the sale and purchase agreement formally ended on July 7, 2026, according to Offshore Engineer OEDigital.

The transaction was first disclosed in December 2025, priced at USD 63 million in cash, according to Offshore Engineer OEDigital. Velesto had framed the disposal as a step toward focusing on more competitive rigs and a lighter asset base.

With the agreement dead, NAGA 3 stays on Velesto's books, according to Offshore Engineer OEDigital. The company said it does not expect the collapsed sale to materially affect earnings or net assets.

James Fisher and Sons and Aquaterra Energy have agreed to work together on offshore decommissioning, splitting front-end engineering, well access, subsea work and offshore execution between the two firms, according to Offshore Engineer OEDigital. James Fisher's energy division takes on subsea operations and offshore execution, while Aquaterra Energy handles front-end engineering and well access, according to Offshore Engineer OEDigital.

The two companies said their first areas of focus will be the North Sea, Asia-Pacific and the Middle East.

The North Sea Transition Authority puts remaining decommissioning spend at around USD 59 billion (GBP 44 billion).

Australian government modelling suggests offshore decommissioning liabilities there could reach roughly USD 64 billion (GBP 48 billion) over the next 30 to 50 years, according to Offshore Engineer OEDigital.

More than 2,500 offshore structures worldwide are expected to need decommissioning by 2040.