Latest news with #MegatZarimanAbdulRahim
The Star
27-05-2025
- Business
- The Star
Velesto's 1Q net profit jumps to RM52.61mil on higher charter rates
KUALA LUMPUR: Off the back of an improved bottomline in the first quarter of 2025 (1QFY25), Velesto Energy Bhd says increasing offshore activities in Southeast Asia signal strong market momentum, as reflected in recent contract wins in Vietnam and Indonesia. "We are strategically focused on maximising rig utilisation, maintaining cost efficiency to sustain healthy margins, and driving shareholder returns. "Our priority remains clear—delivering long- term, sustainable value to all stakeholders," said Velesto president Megat Zariman Abdul Rahim in a statement. In 1QFY25, Velesto recorded a higher net profit of RM52.61mil compared to RM46.81mil in the year-ago quarter. Earnings per share rose to 0.64 sen from 0.57 sen previously. According to the group, the improved profitability was owing to an increase in average daily charter rate to US$127,000 a day, which helped offset the lower rig utilisation rate. The rig utilisation rate had slipped to 67% from 94% in 1QFY24, primarily due to idle periods for NAGA 3 and NAGA 5. The group's revenue during the quarter under review, however, fell to RM224.65mil from RM338.58mil. Moving forward, Velesto said the Special Periodical Surveys (SPS) for NAGA 8 and NAGA 3 are on track for completion in the second quarter of 2025. Following the completion of SPS, NAGA 8 is scheduled to commence operations in Indonesia in the third quarter of 2025. As at April 2025, Velesto's order book has doubled to RM1.4bil, providing earnings visibility until 2028.
New Straits Times
23-05-2025
- Business
- New Straits Times
Velesto secures US$90mil drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract valued at US$90 million (RM423 million) from three Indonesian oil and gas companies for the deployment of its Naga 8 jack-up rig in Indonesia. The contract was awarded by PC Ketapang II Ltd , PC North Madura II Ltd and Petronas North Ketapang Sdn Bhd, the group said in a filing with Bursa Malaysia. Scheduled to commence in July 2025, the project covers a firm period of four years covering 12 firm wells and three optional wells. A suspension period is planned from February to July 2026, during which Velesto retains the right to market Naga 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the three firms. The contract is expected to contribute positively towards the company's earnings and net assets from 2025 to 2028. Velesto president Megat Zariman Abdul Rahim said in a statement that the contract reflects the company's ongoing efforts to expand footprint in Southeast Asia. "As the second contract secured in the region, it solidifies our commitment to this strategic growth. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders," he added. Velesto said the contract strengthens its position as a key player in Southeast Asia's oil and gas sector, in line with its long-term strategy to broaden its regional presence while maintaining high operational standards. Naga 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
The Star
23-05-2025
- Business
- The Star
Velesto secures new drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract from PC Ketapang II Ltd, PC North Madura II Ltd, and PETRONAS North Ketapang Sdn Bhd for its NAGA 8 jack-up rig in Indonesia. In a statement, Velesto said the contract covers 12 firm well and three optional wells. The contract, which is expected to support Velesto's rig utilisation and earnings visibility from 2025 to 2028, is set to commence in July 2025 over a firm period of four years. A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the client. "This contract award reflects our ongoing efforts to expand Velesto's footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth," said Velesto president Megat Zariman Abdul Rahim. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders.
The Star
20-05-2025
- Business
- The Star
Velesto Energy wins Vietnam drilling project
The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027. PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam. Under the contract, the oil and gas firm said its Naga 4 jack-up rig will undertake drilling activities for more than 40 wells. Operations are expected to commence in the first half of 2026. The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027. Velesto president Megat Zariman Abdul Rahim said the contract award reflects continued confidence in the group's operational capabilities and underscores its ability to deliver safe, efficient, and high-quality drilling services.
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
Velesto wins multi-well drilling contract in Vietnam, marks strategic entry into Southeast Asia
VELESTO Energy Bhd has secured a drilling contract from Phu Quoc Petroleum Operating Company (PQPOC) in Vietnam, involving its NAGA 4 jack-up rig for over 40 wells. Drilling operations are set to begin in the first half of 2026, with the contract expected to enhance Velesto's rig utilisation and contribute positively to its financial performance in 2026 and 2027. Its president Megat Zariman Abdul Rahim said the award reflects confidence in Velesto's operational capabilities and supports its strategy to secure value-accretive projects and optimise fleet deployment. This win also marks Velesto's strategic expansion into the Southeast Asian market, strengthening its regional presence. — TMR
