Velesto Energy has secured a contract worth approximately $51 million from Hess Exploration and Production Malaysia, a wholly owned subsidiary of Chevron, to provide integrated rig, drilling and completion services for the North Malay Basin Full Field Development Campaign.
The contract will see Velesto's NAGA 8 jack-up rig support Chevron Malaysia's 2026-2028 drilling campaign, with operations scheduled to begin in August 2026.
Velesto said the award marks its second integrated rig, drilling and completion (i-RDC) contract supporting the North Malay Basin development program.
The contract was awarded to Velesto's wholly owned subsidiary, Velesto Drilling, by Hess Exploration and Production Malaysia, a production arrangement contractor of Petronas.
The company said the award strengthens its position as a provider of integrated offshore drilling services in Malaysia and supports its continued delivery of rig, drilling and completion services for offshore development projects.