Velesto Energy Berhad

Velesto Energy Berhad is a Malaysia-based multinational provider of services for the upstream sector of the oil and gas industry. The Group owns and operates six premium jack-up drilling rigs, which are capable of operating in water depths of up to 400 feet — ideal for the shallow waters of Southeast Asia. The company positions itself as performance driven and operations focused, emphasizing safety, service quality, technology and sustainability. It is listed on the Main Board of Bursa Malaysia and is a constituent of the FTSE4Good Bursa Malaysia Index, reflecting its environmental, social and governance performance. Velesto's core business is offshore drilling. Its fleet of high-specification jack-up rigs — including NAGA 2, NAGA 3, NAGA 4, NAGA 5, NAGA 6 and NAGA 8 — is designed to meet the evolving demands of the industry, with modern automation systems and drilling equipment. The company also provides oilfield services, offering threading, inspection and repair services for Oil Country Tubular Goods (OCTG), with a focus on premium connections used in high-end and complex wells, operating from Tianjin, China. In addition, Velesto Academy offers accredited technical training aimed at upskilling talent and enhancing crew competency in the oil and gas industry. The company traces its operational roots to 1988, when UMW Oilpipe Services began operating in Labuan, providing OCTG services. It entered the drilling business in the mid-2000s through the acquisition of UMW Petrodrill and a 50% ownership interest in NAGA 1. The company was listed on the Main Board of Bursa Malaysia in 2013. In 2017 it demerged from UMW Holdings Berhad, and in 2018 it rebranded to Velesto Energy as part of a business rationalisation exercise. Recent developments include the award of an Integrated Rig, Drilling and Completion Services (i-RDC) contract for NAGA 5 in 2022, the upgrade of NAGA 5 and NAGA 6 with offline capabilities, the implementation of NOVOS automated drilling capabilities on NAGA 4 in 2023, and the installation of Starlink internet connections on NAGA 4 and NAGA 8. Velesto describes itself as the largest Malaysian-owned jack-up rig operator, with an award-winning service quality and safety record and a top-quartile position in the FTSE4Good Bursa Malaysia Index. Its guiding principle is "Performance Driven, Operations Focused," and its stated purpose is to provide extraordinary services that energize and enrich lives. The company operates primarily in the shallow waters of Southeast Asia, serving the upstream oil and gas industry.

Velesto Energy Berhad traces its operational roots to 1988, when UMW Oilpipe Services began operating in Labuan, providing Oil Country Tubular Goods (OCTG) services. The company later acquired UMW Petrodrill, including the GAIT 1 rig, marking its entry into the drilling business. Between 2005 and 2008, it acquired a 50% ownership interest in NAGA 1 and delivered GAIT 3. In 2009–2010, it delivered NAGA 2 and NAGA 3, followed by GAIT 5. In 2013, the company was listed on the Main Board of Bursa Malaysia and delivered NAGA 4. The following year, 2014, saw the delivery of NAGA 5 and NAGA 6, as well as GAIT 6, and the establishment of the Velesto-INSTEP Drilling Academy (formerly UMW-INSTEP Drilling Academy). In 2015, NAGA 7 and NAGA 8 were delivered. A major corporate restructuring occurred in 2017 when the company demerged from UMW Holdings Berhad, accompanied by a rights issue, refinancing, and the disposal of NAGA 1. In 2018, as part of a business rationalisation exercise, the company rebranded to Velesto Energy. In 2022, Velesto was awarded an Integrated Rig, Drilling and Completion Services (i-RDC) contract for NAGA 5, and upgraded NAGA 5 and NAGA 6 with offline capabilities. In 2023, it implemented NAGA 4 with NOVOS automated drilling capabilities and installed Starlink internet connections on NAGA 4 and NAGA 8. The company continues to focus on technological advancement, digitalisation, and sustainability, positioning itself as a leading Malaysian-owned offshore drilling contractor.

• 2023

  Implemented NAGA 4 with NOVOS automated drilling capabilities; Starlink internet connection installed in NAGA 4 and NAGA 8.

• 2022

  Awarded Integrated Rig, Drilling and Completion Services (i-RDC) contract to NAGA 5; upgraded NAGA 5 and NAGA 6 with offline capabilities.

• 2018

  Business rationalisation; rebranding to Velesto Energy.

• 2017

  Demerged from UMW Holdings Berhad; rights issue; refinancing; disposal of NAGA 1.

• 2015

  Delivery of NAGA 7 and NAGA 8.

• 2014

  Delivery of NAGA 5 and NAGA 6; delivery of GAIT 6; established Velesto-INSTEP Drilling Academy (fka UMW-INSTEP Drilling Academy).

• 2013

  Listing on the Main Board of Bursa Malaysia; delivery of NAGA 4.

• 2010

  Delivery of GAIT 5.

• 2009

  Delivery of NAGA 2 and NAGA 3.

• 2008

  Delivery of GAIT 3.

• 2005

  Entry into drilling business; acquired 50% ownership interest in NAGA 1.

• 1988

  UMW Oilpipe Services began operating in Labuan, providing OCTG services.

Performance Driven, Operations Focused — largest Malaysian-owned jack-up rig operator with award-winning service quality and safety.

• NAGA 2

• NAGA 3

• NAGA 4

• NAGA 5

• NAGA 6

• NAGA 8

• GAIT 5

• GAIT 6

• Oilfield Services Plant

• Velesto Academy

1. 1Velesto | Shaping a Sustainable Tomorrow with Innovation and Service Excellencevelesto.com
2. 2Corporate Overview - About Us | Velestovelesto.com
3. 3Our Services | Velestovelesto.com
4. 4Velesto Energy Berhad - Wikidatawikidata.org