KUALA LUMPUR (Oct 23): Velesto Energy Bhd (KL:VELESTO) has signed an agreement with Australian offshore services firm Icon Engineering Pty Ltd to deliver rig-installed wellhead platforms (RIWHPs) for shallow-water and marginal fields in Malaysia.

The collaboration combines Velesto’s expertise in safe and efficient jack-up operations with Icon Engineering’s global experience in engineering and installing RIWHPs, according to a joint statement on Thursday.

By integrating drilling and platform installation in a single offshore campaign, the partnership offers operators a practical and cost-efficient model for developing shallow-water and marginal fields, streamlining execution, reducing capital expenditure and ensuring predictable project delivery.

“Aligning Velesto’s offshore drilling capabilities with Icon’s platform solution allows us to deliver cost-efficient outcomes for operators while enhancing project assurance and building Malaysia’s capacity for fast, fit-for-purpose offshore developments,” said Velesto president Megat Zariman Abdul Rahim. “For Velesto, this milestone reflects our focus on extending the role of our rigs beyond traditional drilling.”

Shares of Velesto closed unchanged at 25.5 sen on Thursday, giving it a market capitalisation of RM2.09 billion. Year to date, the counter has risen over 59%.