<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 22): Velesto Energy Bhd (KL:<a href="/askedge/klse/5243" class="ce-stock" target="_blank">VELESTO</a>) said it has secured a contact worth US$51 million (RM208.4 million) to provide integrated rig, drilling and completion (i-RDC) services for Chevron Malaysia’s 2026-2028 North Malay Basin development campaign.</p></div>

<div class=newsTextDataWrapInner><p>The contract was awarded to its wholly-owned subsidiary Velesto Drilling Sdn Bhd by Chevron Malaysia's wholly-owned unit Hess Exploration and Production Malaysia BV, said Velesto in a bourse filing on Wednesday. &nbsp; &nbsp;</p></div>

<div class=newsTextDataWrapInner><p>The contract will see Velesto provide its Naga 8 drilling rig for Chevron Malaysia’s 2026-2028 North Malay Basin full field development campaign.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The project is expected to begin in August. Chevron Malaysia is a production arrangement contractor of national oil and gas company PETRONAS.</p></div>

<div class=newsTextDataWrapInner><p>This makes Velesto’s second&nbsp;i-RDC contract under the North Malay Basin development programme, the company said.</p></div>

<div class=newsTextDataWrapInner><p>"This award reflects the strength of our integrated service offering and our commitment to delivering safe operations and service quality,” said Velesto president Megat Zariman Abdul Rahim.</p></div>

<div class=newsTextDataWrapInner><p>Velesto’s shares closed 2% higher at 26 sen on Wednesday, with a market capitalisation of RM 2.1 billion. Year to date, the counter is down 5.45%.</p></div>


Velesto Energy Bhd (KL:VELESTO) said it has secured a contact worth US$51 million (RM208.4 million) to provide integrated rig, drilling and completion (i-RDC) services for Chevron Malaysia’s 2026-2028 North Malay Basin development campaign.

Velesto to provide drilling rig for Chevron Malaysia’s North Malay Basin project

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