Velesto and ICON launch collaboration to streamline offshore wellhead platform installations

Velesto Energy Berhad and ICON Engineering Pty Ltd have signed an agreement to collaborate on the delivery of Rig-Installed Wellhead Platforms (RIWHPs) for offshore oil and gas developments in Malaysia — marking a first-of-its-kind execution model for the country’s upstream sector.

The partnership combines Velesto’s operational expertise in jack-up drilling with ICON’s global leadership in rig-installed platform design and installation. By integrating drilling and platform installation within a single offshore campaign, the approach aims to cut costs, shorten development timelines, and simplify execution for operators pursuing shallow-water and marginal field projects.

“By aligning Velesto’s drilling capability with ICON’s platform technology, we’re delivering practical, cost-efficient outcomes for operators,” said Megat Zariman Abdul Rahim, President of Velesto. “This collaboration enhances project assurance and strengthens Malaysia’s ability to deliver fast, fit-for-purpose offshore developments.”

David Field, Managing Director of ICON Engineering, added that the rig-installed platform model eliminates the need for heavy-lift vessels, reducing project risk and enabling simultaneous drilling and construction. “The combined resources of Velesto and ICON provide Malaysian operators with a unique and seamless service offering,” Field said.

The agreement introduces a streamlined delivery framework that integrates local execution, international engineering, and rig-based installation to enhance efficiency and safety across Malaysia’s offshore value chain.