Velesto Energy

Name

Velesto Energy

Legal name

Velesto Energy Berhad

Website

https://velesto.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Well Completions & Stimulation (Hydraulic Fracturing, Sand Control) (EUALAAAE), Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH)

Keywords

• Jack-up drilling services
• Offshore drilling rigs
• Hydraulic workover services
• Oilfield tubular goods
• Drilling training academy

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Jack-up Drilling Rig Services: Velesto owns and operates six premium jack-up drilling rigs deployed on long-term contracts for upstream oil and gas operators. Revenue is generated through day rates charged for rig deployment, typically structured as multi-well or multi-year drilling contracts. Contract values range from multi-million dollar single campaigns to multi-year engagements exceeding US$90 million in total contract value.
2. Hydraulic Workover Services: Fleet of hydraulic workover units providing re-completion, intervention, and plug and abandonment services. Revenue is generated through project-based service contracts.
3. Oilfield Services (OCTG): Threading, inspection, and repair services for Oil Country Tubular Goods (OCTG), with a focus on premium connections used in high-end and complex wells. Operates from a facility in Tianjin, China.
4. Velesto Academy Training Services: Accredited technical training courses for oil and gas professionals, including well control, drilling, well intervention, and Plug & Abandonment training.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Velesto Energy Berhad owns and operates a fleet of six premium jack-up drilling rigs (NAGA 2, 3, 4, 5, 6, 8) capable of operating in water depths up to 400 feet for upstream oil and gas operators in Southeast Asia. It also delivers hydraulic workover, re-completion, intervention, and plug & abandonment services through GAIT 5 and GAIT 6, OCTG threading/inspection/repair services from Tianjin, China, and accredited oil and gas technical training via Velesto Academy.

Product overview

Velesto Energy Berhad is a Malaysia-based provider of upstream oil and gas services operating a fleet of six premium jack-up drilling rigs (NAGA 2, NAGA 3, NAGA 4, NAGA 5, NAGA 6, NAGA 8) capable of operating in water depths up to 400 feet in Southeast Asian shallow waters. The company also provides hydraulic workover services through GAIT 5 and GAIT 6 units, and oilfield services including threading, inspection, and repair of OCTG from its Tianjin, China facility. Velesto Academy offers accredited technical training courses for the industry. The portfolio is complemented by digitalization through automated drilling capabilities (NOVOS on NAGA 4) and the world's first Drilling Rig Automation System and Robotics on NAGA 6.

Differentiator

Problem solved

Functional benefit

Brands

• Velesto Academy (VDA): Accredited technical training academy offering courses for upskilling talent in the oil and gas industry, including drilling, well control, workover, and plug & abandonment training.

Products and services

• Jack-Up Drilling Rig Services (NAGA fleet)

Quantifiable outcome

• Jadestone Energy wells drilled at East Belumut achieved approximately 3,200 bopd peak production per well, with one well drilled 13% below budget and another 20% below budget.
• +3 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered supporting, minor and core.

• Hibiscus Oil & Gas MalaysiasupportingChannel Partner/ Reseller/ Distributor · 4 June 2026Velesto secured a contract from Hibiscus Oil & Gas in May 2026 for drilling services using a third-party jack-up rig under a charter arrangement, marking Velesto's first asset-light arrangement using a third-party rig.
• INVX Asia PacificsupportingImplementation/ SI/ Consulting Partner · 4 March 2026Velesto Workover partnered with INVX Asia Pacific to deliver comprehensive maintenance services for top tension risers at Shell's tension leg platform offshore Sabah under two multi-year contracts.
• PT Indonesia Drilling EnergyminorOthers · 14 December 2025Sale and purchase agreement for the disposal of the Naga 3 jack-up rig, originally signed on December 14, 2025. The agreement was terminated on June 30, 2026, with the rig remaining an asset of Velesto.
• ICON EngineeringcoreStrategic or Co-development Partner · 1 January 2025Partnership established in 2025 with ICON Engineering to deliver Rig-Installed Wellhead Platforms (RIWHPs) for shallow-water fields in Malaysia, expanding Velesto's integrated service offerings.
• SEDC EnergyminorStrategic or Co-development Partner · 1 January 2025VIBES Innovation Challenge partnership with SEDC Energy and UNIMAS in 2025, focused on innovation initiatives in the energy sector.
• UNIMAS (Universiti Malaysia Sarawak)minorStrategic or Co-development Partner · 1 January 2025VIBES Innovation Challenge partnership with SEDC Energy and UNIMAS in 2025, focused on fostering innovation in the energy sector through collaboration with academia.
• SLBcoreTechnology or Integration · 1 January 2024MoU signed in 2024 for technology collaboration in drilling performance and emissions monitoring. The partnership aims to leverage SLB's digital and technology capabilities to enhance Velesto's drilling operations and environmental performance tracking.
• National Oilwell Varco (NOV)coreTechnology or Integration · 1 January 2024Tripartite MoU signed in 2024 with Malaysia Petroleum Management (MPM) and NOV to advance drilling technology and performance in Malaysia's upstream sector.
• Malaysia Petroleum Management (MPM)coreStrategic or Co-development Partner · 1 January 2024MoU signed in 2024 as part of a tripartite collaboration with NOV to support technology adoption and performance improvement in Malaysia's upstream oil and gas industry.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Borr Drilling: Borr Drilling is a pure-play offshore jack-up drilling contractor with a large premium and harsh-environment jack-up fleet, serving similar upstream oil & gas operators worldwide through day-rate drilling contracts on a comparable business model.
• Shelf Drilling: Shelf Drilling is a global jack-up rig contractor focused on shallow-water drilling for NOCs and IOCs across the Middle East, India, Southeast Asia and Africa, competing directly with Velesto for regional tenders and operating on similar long-term day-rate contracts.
• Sapura Energy: Sapura Energy is a Malaysia-based integrated upstream services provider with offshore drilling, hydraulic workover and OCTG capabilities that directly overlap Velesto's drilling, workover and oilfield services offerings in the Malaysian market.
• ADES Group: ADES Holding is a jack-up and offshore drilling contractor with significant Middle East and North Africa exposure; it competes with Velesto for shallow-water drilling work and operates a comparable asset-light rig-leasing business model in select geographies.

Broad incumbents

• Diamond Offshore: Diamond Offshore operates a global fleet of ultra-deepwater and harsh-environment drilling rigs, competing for higher-end tenders that Velesto does not access, but overlapping as a global offshore drilling incumbent for IOC contracts.
• Valaris Limited: Valaris is one of the largest global offshore drilling contractors with a diversified floaters-and-jack-ups fleet, providing a broader portfolio of drilling solutions while still competing with Velesto for shallow-water jack-up tenders in Asia-Pacific.
• Transocean: Transocean is the world's largest offshore drilling contractor focused primarily on ultra-deepwater floaters, representing the broader incumbent peer in offshore drilling services where Velesto competes at the shallow-water end of the market.

Others

• SLB (Schlumberger): SLB is a global oilfield services giant and technology partner of Velesto (2024 MoU for drilling performance and emissions monitoring), representing an adjacent ecosystem enabler whose digital and drilling tools Velesto integrates on its rigs.

Regional players

• Petrovietnam Drilling and Well Services (PV Drilling): PV Drilling is a Vietnam-based jack-up and platform drilling contractor serving Vietnamese and Southeast Asian operators, competing regionally with Velesto in neighboring basins for similar shallow-water contracts.

Emerging players

• Awilco Drilling: Awilco Drilling operates a small fleet of premium harsh-environment jack-up rigs and competes with Velesto in tenders for high-specification shallow-to-mid-water drilling campaigns for IOCs and independents.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/velesto-energy-berhad

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Velesto Energy