Hess Hires Velesto for Drilling Services in Malaysia

Published Nov 7, 2022 7:21 am ET

During the signing ceremony, Velesto was represented by Megat Zariman Abdul Rahim, while Hess was represented by Senior Manager, Drilling, Khazimad Yusof. The signing was witnessed by Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan, Vice President of Hess Asia, Zhiyong Zhao, and Chairman of Velesto, Mohd Rashid Mohd Yusof. ©Velesto

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."