Velesto Awarded i-RDC Services Contract By Chevron Malaysia

Velesto Energy Berhad (‘Velesto’ or the ‘Group’) today announced that its wholly-owned subsidiary, Velesto Drilling Sdn. Bhd. has been awarded a contract by Hess Exploration And Production Malaysia B.V., a wholly-owned subsidiary of Chevron (‘Chevron Malaysia’), a Production Arrangement Contractor of PETRONAS, for the provision of Integrated Rig, Drilling and Completion (‘i-RDC’) services for Chevron Malaysia’s 2026–2028 North Malay Basin Full Field Development Campaign.

The contract, valued at approximately USD 51 million, will see NAGA 8 support Chevron Malaysia’s 2026 – 2028 drilling campaign commencing in August 2026. This marks Velesto's second i-RDC contract award supporting the North Malay Basin development program.

Megat Zariman Abdul Rahim, President of Velesto, said, "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 supports Velesto’s continued provision of integrated rig, drilling and completion services for offshore development activities in Malaysia.

About Velesto Energy Berhad
VELESTO ENERGY BERHAD is a Malaysia-based multinational provider of services for the upstream sector of the oil and gas industry through its fleet of six (6) wholly owned jack-up drilling rigs. Apart from our home base in Malaysia, we have experiences operating in Southeast Asia countries such as Indonesia, Vietnam, Philippines and Thailand with strong track record of working with national and international oil and gas companies.

For more information, visit www.velesto.com