Malaysia's Velesto Energy has secured a $135 million integrated rig, drilling, and completion services deal with Hess Corp. in Malaysia.
The i-RDC is a concept in which integration of drilling rig services, equipment and in some cases procurement of materials for drilling & completion services are covered under a single contract between the operator or oil company, as the owner of the project, and one service company as an i-RDC contractor.
The I-RDC services deal is for Hess’ 2022 to 2024 North Malay Basin Full Field Development Campaign. Velesto will deploy NAGA 5 jack-up rig.
President of Velesto, Megat Zariman Abdul Rahim said, “The i-RDC services contract is the first jack-up rig drilling contract to be awarded through an i-RDC arrangement in Malaysia."
“We are partnering with Halliburton as our technical partner to provide these services to drill and complete 14 offshore wells."