Velesto Awards i-RDC Services Contract for Hess' 2022 to 2024 North Malay Basin Full Field

Source: www.gulfoilandgas.com 11/7/2022, Location: Asia

Velesto Energy Berhad Group (“Velesto” or the “Company”) announced that it was awarded a contract from Hess Exploration And Production Malaysia B.V. (“Hess”), which is a Production Arrangement Contractor of PETRONAS for the Provision of Integrated Rig, Drilling and Completion (i-RDC) services for Hess’ 2022 to 2024 North Malay Basin Full Field Development Campaign at a signing ceremony in Kuala Lumpur today.

The contract for the provision of i-RDC services, including the provision of Velesto’s NAGA 5 unit, with an estimated contract value of USD135 million is expected to contribute positively to the Company’s earnings during the campaign period.

President of Velesto, Megat Zariman Abdul Rahim said, “The i-RDC services contract is the first jack-up rig drilling contract to be awarded through an i-RDC arrangement in Malaysia. This is a step change in Velesto’s business offering as it demonstrates our unique value proposition that paves the way for closer collaboration among the client, lead contractor, and services partners.

“We are partnering with Halliburton as our technical partner to provide these services to drill and complete14 offshore wells. As our service portfolio expands through this strategic partnership, we are well-positioned to secure more potential opportunities to cater to the needs of our clients,” he added.

During the signing ceremony, Velesto was represented by Megat Zariman Abdul Rahim, while Hess was represented by Senior Manager, Drilling, Khazimad Yusof. The signing was witnessed by Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan, Vice President of Hess Asia, Zhiyong Zhao, and Chairman of Velesto, Mohd Rashid Mohd Yusof.

i-RDC is a concept in which integration of drilling rig services, equipment and in some cases procurement of materials for drilling & completion services are covered under a single contract between the operator or oil company, as the owner of the project, and one service company as an i-RDC contractor.


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