Velesto Energy Secures Multi-Well Offshore Drilling Contract in Malaysia
Malaysian offshore drilling company Velesto Energy has secured a new contract to supply a jack-up rig for a drilling campaign off the coast of Malaysia. The agreement was finalized with Hibiscus Oil & Gas through Velesto’s subsidiary, Velesto Drilling. This deal marks a strategic shift for Velesto as its first asset-light arrangement, utilizing a third-party jack-up rig under a charter rather than deploying owned assets. The scope of work involves drilling services for eight plug and abandonment (P&A) wells and one exploration well, with an option for up to seven additional wells. Operations are set to commence in May 2026 in the PM3 CAA block, potentially extending to North Sabah if optional wells are exercised. Megat Zariman Abdul Rahim, President of Velesto Energy, highlighted that this model enhances operational flexibility and market responsiveness while maintaining safety and performance standards. This contract strengthens Velesto’s order book and follows a recent assignment supporting Shell’s deepwater activities in Sabah, demonstrating the company's expanding role in the regional offshore energy sector.
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