Malaysian company Velesto Energy, owner of premium jack-up rigs, has been contracted to supply the rig for a drilling campaign off the coast of Malaysia in Southeast Asia.
New contract obtained by Velesto Energy Hibiscus for oil and gas Through its wholly-owned subsidiary, Velesto Drilling, it is said to represent the company’s first contract using a third-party jack-up platform under charter arrangements.
The deal allows the company to provide a jack-up platform for Hibiscus’ 2026 offshore drilling campaign in Malaysia, with a fixed scope of work covering drilling services for eight plug-and-abandon (P&A) wells and one exploration well, along with up to seven optional wells.
Zariman Abdel Rahim passed awayVelesto Energy CEO commented: “This award reflects Velesto’s ability to support our customers in different ways while maintaining the same focus on operational excellence, safety and performance.
“As our first asset-light arrangement, it expands how we execute projects while maintaining the same discipline and consistency in how we work. This gives us greater flexibility to respond to market opportunities and support our clients’ needs.”
The Malaysian Drilling Company states that operations are scheduled to begin in May 2026 via PM3 Central Auditing Organization If discretionary wells are exercised, North SabahOff the coast of Malaysia.
The latest contract award strengthens Felicto’s order book, enabling it to expand its operational capacity, while supporting continued utilization through a broader mix of contract structures.
This deal comes two months after the Malaysian company He won a mission To support Shell Sabah Shell Petroleum Company (SSPC) during deepwater activities off the coast of Sabah.
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