Chevron books Velesto’s 2015-built rig on multimillion-dollar gig in Southeast Asia

July 22, 2026, by Melisa Cavcic

Velesto Drilling, a wholly-owned subsidiary of Malaysia’s Velesto Energy, owner of premium jack-up rigs, has secured a deal to provide a jack-up rig for a drilling campaign off the coast of Malaysia, Southeast Asia.

Velesto has been awarded a contract for the provision of integrated rig, drilling and completion (i-RDC) services by Hess Exploration & Production Malaysia, a wholly-owned subsidiary of Chevron, a production arrangement contractor of Petronas.

The assignment, valued at approximately $51 million, will see the 2015-built Naga 8 jack-up rig support Chevron Malaysia’s 2026–2028 North Malay Basin full field development campaign, commencing in August 2026.

This marks the rig owner’s second i-RDC contract award, supporting the North Malay Basin development program. The deal highlights Velesto’s continued provision of integrated rig, drilling and completion services for offshore development activities in Malaysia.

Megat Zariman Abdul Rahim, President of Velesto, commented: “We are honored to be awarded this contract and appreciate the opportunity to continue supporting our client’s drilling campaign.

“This award reflects the strength of our integrated service offering and our commitment to delivering safe operations and service quality. We look forward to creating value for our client throughout the campaign.”

The contract comes shortly after the company disclosed a termination of a contract for the Naga 8 rig with another client. Velesto also announced the end of a sale and purchase agreement (SPA) for the disposal of the Naga 3 jack-up rig a few days ago.