Velesto Energy and ICON Engineering have signed an agreement to deliver Rig-Installed Wellhead Platforms (RIWHPs) for offshore oil and gas developments in Malaysia. The signing ceremony was held in Kuala Lumpur on 15 October 2025.
The agreement brings together Velesto’s strong track record in safe and efficient jack-up operations with ICON’s global leadership in engineering and installing RIWHPs. By integrating drilling and platform installation within a single offshore campaign, it offers operators a practical and cost-efficient model for developing shallow-water and marginal fields - simplifying implementation, reducing capital requirements, and ensuring predictable delivery.
Megat Zariman Abdul Rahim, President of Velesto, said, 'By aligning Velesto’s offshore drilling expertise with ICON’s innovative platform solution, we are delivering practical, cost-efficient outcomes for operators. This collaboration simplifies execution, enhances project assurance and builds Malaysia’s capability to deliver fast, fit-for-purpose offshore developments, keeping our upstream sector competitive and resilient in the years ahead. For Velesto, this marks an important milestone and reflects our continued focus in extending the role of our rigs beyond drilling.'
David Field, Managing Director of ICON, said, 'ICON has pioneered rig-installed platforms worldwide. Our approach consistently reduces development costs and risks by eliminating the need for large heavy-lift vessels. This collaboration enables operators to combine platform installation and well drilling under an integrated scope, simplifying interfaces and project delivery. 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.'
This collaboration represents a significant advancement for Malaysia’s offshore industry, introducing a first-of-its kind delivery model that brings together local expertise, operational excellence and engineering innovation within a streamlined execution framework. It enhances project efficiency and creates new opportunities across the offshore value chain.
Source: Velesto Energy
