Velesto Wins USD 51 Million Chevron Malaysia Rig Contract for North Malay Basin

Velesto Energy secured a contract worth approximately USD 51 million from Hess Exploration and Production Malaysia, a wholly owned subsidiary of Chevron, for integrated rig, drilling and completion services on the North Malay Basin Full Field Development Campaign, according to Offshore Engineer OEDigital. The NAGA 8 jack-up rig will handle the work, with operations set to begin in August 2026.

The rig will support Chevron Malaysia's drilling campaign running from 2026 to 2028, keeping the NAGA 8 contracted across a multi-year window, according to OEDigital.

The award is Velesto's second integrated rig, drilling and completion contract on the North Malay Basin development program, the company said.

Velesto operates six wholly owned jack-up drilling rigs and provides drilling services across Southeast Asia, including Malaysia, Indonesia, Vietnam, the Philippines and Thailand, according to World Oil.

Commenting on the award, Velesto president Megat Zariman Abdul Rahim pointed to the company's integrated service offering and said the firm looked forward to working with its client through the campaign, according to World Oil.

The integrated structure bundles the rig, drilling and completion work under a single scope. The NAGA 8 assignment places one of Velesto's six rigs on the multi-year Chevron campaign that starts in August 2026.