Velesto Energy Berhad (‘Velesto’ or the ‘Group’), through its wholly-owned subsidiary, Velesto Drilling Sdn Bhd, has secured a contract from Hibiscus Oil & Gas Malaysia Limited, marking the Group’s first contract utilizing a third-party jackup rig under a charter arrangement.
The contract is for the provision of a jack-up drilling rig for Hibiscus’ 2026 offshore drilling campaign in Malaysia. The firm scope of work covers the drilling services of eight (8) plug and abandonment (‘P&A’) wells and one (1) exploration well, with up to seven (7) optional wells.
Operations are scheduled to commence in May 2026 across PM3 CAA and, if the optional wells are exercised, North Sabah, offshore Malaysia.
Megat Zariman Abdul Rahim, President of Velesto Energy Berhad, said, “This award reflects Velesto’s ability to support our clients in different ways while maintaining the same focus on operational excellence, safety and performance. As our first asset-light arrangement, it broadens how we can execute projects while maintaining the same discipline and consistency in how we operate. This gives us greater flexibility in responding to market opportunities and supporting our clients’ needs.”
The award strengthens Velesto’s order book and reflects the Group’s ability to expand its operating capacity, while supporting continued utilization through a broader mix of contracting structures.
