(WO) — Velesto Energy Berhad has been awarded a contract valued at approximately $51 million by Hess Exploration and Production Malaysia B.V., a wholly owned subsidiary of Chevron, to provide integrated rig, drilling and completion (i-RDC) services for Chevron Malaysia’s North Malay Basin Full Field Development campaign.
The contract, awarded to Velesto subsidiary Velesto Drilling Sdn. Bhd., will support the 2026–2028 offshore drilling program using the NAGA 8 jackup rig, with operations scheduled to begin in August 2026. Chevron Malaysia is a Production Arrangement Contractor of PETRONAS.
The award marks Velesto’s second i-RDC contract supporting development of the North Malay Basin, further expanding the company’s integrated drilling and completion services portfolio in Malaysia.
“We are honored to be awarded this contract and appreciate the opportunity to continue supporting our client’s drilling campaign,” said Megat Zariman Abdul Rahim, president of Velesto. “This award reflects the strength of our integrated service offering and our commitment to delivering safe operations and service quality. We look forward to creating value for our client throughout the campaign.”
The i-RDC model integrates drilling rig, drilling and completion services under a single contract, an approach intended to improve operational efficiency and streamline project execution during offshore field development campaigns.
Velesto operates a fleet of six wholly owned jackup drilling rigs and provides drilling services throughout Southeast Asia, including Malaysia, Indonesia, Vietnam, the Philippines and Thailand. The latest award further strengthens the company’s position in Malaysia’s offshore drilling market as development activity continues in the North Malay basin.
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