Latest news with #Velesto
New Straits Times
01-07-2025
- Business
- New Straits Times
Velesto to deploy Naga 5 for new drilling job from PTTEP
KUALA LUMPUR: Velesto Energy Bhd, via wholly owned Velesto Drilling Sdn Bhd, has been awarded a drilling contract by PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd for PTTEP's 2025-2026 drilling campaign in Malaysia. Under the contract, Velesto will assign Naga 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025. Naga 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet. Velesto president Megat Zariman Abdul said its focus remains on safe and reliable execution, driven by consistent delivery across campaigns. "With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders." The latest award follows Velesto's recent announcements for Naga 4 and Naga 8 in May this year, further strengthening the group's fleet utilisation outlook. Velesto said it continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.
BusinessToday
30-05-2025
- Business
- BusinessToday
Bursa Opens Flat As FBMKLCI Inches Down 0.02% To 1,518.75
Bursa Malaysia opened on a subdued note this morning, with the FBM KLCI slipping 0.23 points or 0.02% to 1,518.75 as at 9.05 am. Broader indices also trended lower, with the FBM 70 shedding 88.90 points (-0.54%) to 16,243.41, and the FBM EMAS falling 18.10 points (-0.16%) to 11,364.23. The FBM Shariah Index declined 29.02 points (-0.26%) to 11,336.81, while the FTSE4Good Bursa Malaysia Index (F4GBM) dipped 1.23 points to 915.89. Among the most active stocks, Velesto remained unchanged at RM0.185 with over 144 million shares traded, while Natgate rose 6 sen to RM1.500 with 74.8 million shares changing hands. SMTrack, Tawin, and DNex saw active interest but remained flat or edged slightly lower. The cautious start comes amid mixed regional sentiment, as investors await fresh cues on global inflation and interest rate direction. Related
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.
