Velesto bags US$12.4 mil contract from Petronas Carigali
KUALA LUMPUR (Oct 1): Offshore drilling services provider Velesto Energy Bhd (0.14 -0.005) has bagged a US$12.4 million contract from Petronas Carigali Sdn Bhd to provide jack-up drilling rig services to the latter.
In a bourse filing on Friday, Velesto Energy (0.14 -0.005) said its indirect wholly-owned subsidiary Velesto (0.14 -0.005) Drilling Sdn Bhd has received a letter of award from Petronas Carigali for the provision of services of jack-up rig, namely Naga 2.
Under Petronas Carigali’s drilling programme, Velesto (0.14 -0.005) will assign its Naga 2 rig to drill five firm wells, with the extension option of one plus one well. The contract is expected to commence from Dec 1 to 31 this year.
“The provision of the services is expected to contribute to the group’s earnings and net assets during the contract period for the financial period ending Dec 31, 2021,” said Velesto (0.14 -0.005).
Velesto (0.14 -0.005) shares closed down 3.45% or half a sen at 14 sen apiece on Friday, with 6.42 million shares changing hands. Its market capitalisation stood at RM1.19 billion.