Malaysia’s oil and gas services firm Velesto and ICON Engineering have signed an agreement to deliver Rig-Installed Wellhead Platforms (RIWHPs) for offshore oil and gas developments in Malaysia.
The agreement brings together Velesto’s track record in safe and efficient jack-up operations with ICON’s global leadership in engineering and installing RIWHPs.
By integrating drilling and platform installation within a single offshore campaign, it offers operators a practical and cost-efficient model for developing shallow-water and marginal fields, simplifying implementation, reducing capital requirements, and ensuring predictable delivery.
According to the companies, the collaboration represents a significant advancement for Malaysia’s offshore industry, introducing a first-of-its kind delivery model that brings together local expertise, operational excellence and engineering innovation within a streamlined execution framework.
“By aligning Velesto’s offshore drilling expertise with ICON’s innovative platform solution, we are delivering practical, cost-efficient outcomes for operators. This collaboration simplifies execution, enhances project assurance and builds Malaysia’s capability to deliver fast, fit-for-purpose offshore developments, keeping our upstream sector competitive and resilient in the years ahead,” said Megat Zariman Abdul Rahim, President of Velesto.
“ICON has pioneered rig-installed platforms worldwide. Our approach consistently reduces development costs and risks by eliminating the need for large heavy-lift vessels. This collaboration enables operators to combine platform installation and well drilling under an integrated scope, simplifying interfaces and project delivery. Jack-up rigs are ideal assets for both drilling and construction,” added David Field, Managing Director of ICON.