KUALA LUMPUR: Velesto Energy Bhd’s shares rose in early trade Thursday after its unit secured a US$17.68mil contract for the provision of jack-up drilling rig services.
The oilfield services provider rose 5.88%, or one sen to 18 sen, its highest in about three weeks with 9.8 million shares done. Velesto-WA added 5.56%, or 0.5 sen to 9.5 sen.
Velesto’s wholly-owned subsidiary, velesto Drilling Sdn Bhd has won a contract for the provision of jack-up drilling rig services for Sarawak Shell Bhd/ Sabah Shell Petroleum Company Ltd.
It said the contract is for its jack-up rig, namely NAGA 4, with an estimated contract value of US$17.68mil.
The contract is to drill seven firm wells for a period from Aug 15 - Oct 15, 2021 it added.