Velesto lands Hibiscus drilling deal in first asset-light rig move

Malaysia’s Velesto Energy has officially transitioned to an asset-light operating model, securing a significant drilling contract from Hibiscus Oil & Gas Malaysia. This strategic move involves utilizing a third-party jackup rig to fulfill the 2026 offshore drilling campaign requirements. By leveraging external assets rather than relying solely on its own fleet, Velesto Drilling is optimizing operational flexibility. This shift marks a pivotal change in the regional offshore energy sector, signaling a new era for jackup rig management and resource deployment.

The deployment of third-party jackup rigs necessitates strict adherence to the IMO’s MODU Code, which governs the construction and equipment of mobile offshore drilling units. Compliance departments must ensure that the chartered unit maintains valid certification under SOLAS Chapter IX regarding the International Safety Management (ISM) Code. Furthermore, the vessel must comply with MARPOL Annex I requirements for oil pollution prevention and Annex VI for air emissions. Rigorous vetting processes are essential to ensure the third-party asset meets classification society standards and international maritime safety regulations.

This shift toward an asset-light model directly impacts the career landscape for chief engineers and second engineers. These officers must prepare for increased complexity in managing third-party equipment and diverse technical documentation. It is critical for these professionals to familiarize themselves with the specific maintenance protocols and safety management systems unique to the chartered rig. Staying updated on these operational changes is essential for maintaining high safety standards and ensuring seamless project execution during the 2026 drilling campaign.