Hess Exploration & Production Malaysia has awarded Velesto a contract to provide integrated rig, drilling and completion services for the North Malay Basin full field development campaign.
The assignment is valued at approximately $51 million and will use the Naga 8 jack-up rig. The campaign is scheduled to begin in August 2026 and continue through 2028.
Hess Exploration & Production Malaysia is a wholly owned subsidiary of Chevron and a production arrangement contractor of Petronas.
The award is Velesto’s second integrated rig, drilling and completion contract supporting the North Malay Basin development programme. The company will provide the services for offshore development work in Malaysia.
Velesto President Megat Zariman Abdul Rahim said the company welcomed the opportunity to continue supporting the client’s drilling campaign. He also cited operational safety and service quality as priorities for the assignment.
The award follows Velesto’s disclosure that a contract involving the Naga 8 and another client had been terminated.
The company also announced the end of a sale and purchase agreement covering the proposed disposal of the Naga 3 jack-up rig.
