(WO) — Velesto Vitality has secured its first asset-light drilling contract by a third-party constitution association, profitable a jackup rig contract from Hibiscus Oil & Fuel Malaysia for an offshore drilling marketing campaign in Malaysia.
The contract, awarded by Velesto Drilling Sdn Bhd, covers provision of a jackup rig for Hibiscus’ 2026 drilling program offshore Malaysia.
The agency scope consists of drilling operations for eight plug-and-abandonment wells and one exploration properly, with choices for as much as seven further wells.
Operations are scheduled to start in Might throughout the PM3 Business Association Space (CAA) offshore Malaysia, with non-compulsory work probably extending into the North Sabah area.
Velesto mentioned the award marks the corporate’s first use of a third-party rig below a constitution association because it expands its operational mannequin and contracting flexibility.
“This award displays Velesto’s capacity to help our shoppers in several methods whereas sustaining the identical give attention to operational excellence, security and efficiency,” mentioned Megat Zariman Abdul Rahim, president of Velesto Vitality Berhad.
He added that the asset-light construction broadens the corporate’s capacity to reply to market alternatives whereas supporting shopper drilling necessities.
The contract additional strengthens Velesto’s order guide and expands the corporate’s offshore working capability within the Southeast Asian drilling market.