Malaysia’s Velesto Energy has signed an agreement with Australia’s ICON Engineering to deliver rig-installed wellhead platforms for offshore oil and gas developments in Malaysian waters.
The partnership combines Velesto’s experience in jackup drilling operations with ICON’s expertise in minimal platform design and installation. Together, the companies said they aim to offer operators a cost-efficient and streamlined option for developing shallow-water and marginal fields.
The approach integrates platform installation and drilling within a single offshore campaign, cutting out the need for large heavy-lift vessels and reducing project complexity, costs and schedules.
“By aligning Velesto’s offshore drilling expertise with ICON’s innovative platform solution, we are delivering practical, cost-efficient outcomes for operators,” said Velesto president Megat Zariman Abdul Rahim. “This collaboration simplifies execution, enhances project assurance and builds Malaysia’s capability to deliver fast, fit-for-purpose offshore developments,” he added.
ICON managing director David Field said the company’s rig-installed platform method has been proven globally to lower costs and risks by combining installation and drilling activities. “Jack-up rigs are ideal assets for both drilling and construction. The combined resources of Velesto and ICON provide Malaysian operators with a unique and seamless service offering,” he said.
Velesto operates six jackup drilling rigs and two hydraulic workover units, making it the largest operator in Malaysia and Southeast Asia.
