Malaysia's Velesto Energy continues to build strong momentum in the upstream oil and gas sector, securing two significant offshore contracts that reinforce its position as a leading integrated offshore services provider.
Most recently, Velesto has been awarded multi-year contracts by Sabah Shell Petroleum Company, through its subsidiary Velesto Workover, to deliver comprehensive top tension riser maintenance services for Shell's Malikai tension leg platform (TLP) offshore Sabah, East Malaysia. Located 100 kilometres offshore Sabah, the Malikai TLP started production in late 2016 with a peak oil output of 60,000 barrels per day. The project scope will be carried out in partnership with Velesto's principal, INVX Asia Pacific, supporting deepwater operational integrity and performance excellence. These long-term contracts mark a strategic step for Velesto to expand its integrated maintenance, engineering, and life-of-field support services beyond its core drilling business.
This follows another major contract win: Velesto recently secured a $16.5 million drilling contract from Jadestone Energy (Malaysia) Pte Ltd. Under this award, Velesto Drilling will deploy its premium jack‑up rig NAGA 8 to support Phase 9 infill drilling operations at the East Belumut field offshore Peninsular Malaysia. The four‑month campaign, starting March 2026, will enhance production sustainability for the mature asset and improve overall fleet utilisation.
President of Velesto Energy, Megat Zariman Abdul Rahim, highlighted that these wins reflect client confidence in Velesto's technical expertise, operational safety, and consistent delivery. Diversifying its service portfolio into maintenance, engineering, and drilling solutions strengthens the group's long‑term resilience and supports sustainable growth across Malaysia and Southeast Asia.
These contract awards underscore Velesto's steady expansion in offshore drilling and integrated maintenance services, solidifying its role in supporting Malaysia's energy infrastructure and deepwater operations.
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