The company said the award marks its first contract using a third-party jack-up rig under a charter arrangement.

According to Velesto, the firm scope covers drilling services for eight plug and abandonment wells and one exploration well, with up to seven optional wells.

Operations are scheduled to begin in May 2026 at PM3 CAA offshore Malaysia, with optional work potentially extending to North Sabah.

“This award reflects Velesto’s ability to support our clients in different ways while maintaining the same focus on operational excellence, safety and performance.

“As our first asset-light arrangement, it broadens how we can execute projects while maintaining the same discipline and consistency in how we operate. This gives us greater flexibility in responding to market opportunities and supporting our clients’ needs,” said Megat Zariman Abdul Rahim, President of Velesto Energy Berhad.