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Drilling activities for shallow water jack-ups seen stronger in Malaysian market

Velesto Energy sees almost full utilisation of jack-up rig fleet in the third quarter while Icon Offshore struggles to raise charters of its OSV fleet much beyond the 50% level. Unsurprisingly the latter is much less upbeat, seeing continued volatility in the upstream exploration and production segment

Velesto, on the other hand, expects rig utilisation rate to remain high in 2020 and expects to benefit from the continued demand as one of the more established players in the region

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