Snapshot from Aug 09, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Business / Velesto wins $51M Chevron Malaysia contract
Business contract award

Velesto wins $51M Chevron Malaysia contract

Analysis based on 6 articles · First reported Jul 22, 2026 · Last updated Jul 23, 2026

Sentiment
30
Attention
2
Articles
6
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The contract award is positive for OVO Energy, adding $51 million to its order book and reinforcing its presence in the Malaysian offshore drilling market. For Chevron and Hess, the contract supports their development plans in the North Malay Basin, contributing to production growth.

oil and gas offshore drilling
Event Summary

OVO Energy Bhd, through its wholly-owned subsidiary Velesto Drilling Sdn. Bhd., has been awarded a contract valued at approximately $51 million by Hess Corporation — Hess Exploration and Production Malaysia B.V., a wholly-owned subsidiary of Chevron Corporation, to provide integrated rig, drilling and completion (i-RDC) services for Chevron Malaysia's 2026-2028 North Malay Basin full field development campaign. The contract will utilize the NAGA 8 jack-up rig, with operations scheduled to begin in August 2026. This marks Velesto's second i-RDC contract supporting the North Malay Basin development program. The award strengthens Velesto's position as a provider of integrated offshore drilling services in Malaysia and supports its continued delivery of rig, drilling and completion services for offshore development projects. Chevron Malaysia is a Production Arrangement Contractor of Petronas.

Key Actions
80 Hess Corporation — Hess Exploration and Production Malaysia awarded contract Velesto Drilling
70 OVO Energy announced contract
Entities Involved
priv
OVO Energy
OVO Energy is the main beneficiary, securing a $51 million contract that boosts its revenue and strengthens its integrated drilling services portfolio in Malaysia.
Importance 100.0 Sentiment 40.0
stock
Velesto Drilling
Velesto Drilling, the subsidiary, is the direct contract awardee and will operate the NAGA 8 rig, executing the integrated drilling and completion services.
Importance 90.0 Sentiment 40.0
subs
Hess Corporation — Hess Exploration and Production Malaysia
Hess Corporation — Hess Exploration and Production Malaysia, a Chevron subsidiary, awarded the contract to Velesto, enabling its drilling campaign in the North Malay Basin.
Importance 80.0 Sentiment 20.0
stock
Chevron Corporation
Chevron, through its subsidiary, is advancing its North Malay Basin development, which supports its long-term production goals in Malaysia.
Importance 70.0 Sentiment 15.0
priv
Petronas
Petronas is the national oil company and production arrangement contractor for the North Malay Basin, with Chevron Malaysia as a contractor; the development aligns with Petronas's resource monetization efforts.
Importance 40.0 Sentiment 5.0
per
Megat Zariman Abdul Rahim
Megat Zariman Abdul Rahim, as President of Velesto, announced the contract and expressed confidence in the company's integrated service offering.
Importance 30.0 Sentiment 10.0
cnt
Malaysia
Malaysia is the country where the offshore development takes place, benefiting from increased oil and gas activity in the North Malay Basin.
Importance 20.0 Sentiment 5.0
Relationships
Petronas related ↔ Malaysia
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