Malaysia’s Velesto gets one-year gig with ExxonMobil

Malaysia’s Velesto Energy has secured a one-year contract with oil major ExxonMobil for operations in Malaysia.

The contract was secured through Velesto Workover, a subsidiary of Velesto Malaysian Ventures which in turn is a subsidiary of Velesto Energy. It is for the provision of one hydraulic workover unit and services to ExxonMobil.

The duration of the contract is one year, starting from 3Q 2022 until completion of ExxonMobil’s selected wells programme. The value of this enabling contract with no guarantee of call-offs will be based upon the agreed rates and work order, if any, issued by ExxonMobil within the contract term.

For the contract, Velesto Energy assigned its GAIT 6, a hydraulic workover unit with maximum pulling and snubbing capacities of 460,000 lbs and 225,000 lbs respectively capable of rigging up on offshore platforms to perform wells workover, plugging and abandonment operations.