Velesto secures first asset-light jackup contract with Hibiscus offshore Malaysia

Velesto secured a jackup drilling contract from Hibiscus for an offshore campaign in Malaysia, the company’s first contract utilizing a third-party rig under a charter arrangement.

Through its wholly-owned subsidiary Velesto Drilling, the company will provide drilling services for Hibiscus’ 2026 offshore campaign. The firm scope covers eight plug and abandonment wells and one exploration well, with up to seven optional wells.

Operations are scheduled to commence in May 2026 across the PM3 CAA area and, if optional wells are exercised, North Sabah, offshore Malaysia.