Velesto on course to return to profitability

KUALA LUMPUR: With a new Petronas Carigali contract in the bag, Velesto Bhd could be on course to turning profitable amid the pick-up in activity in the oil and gas space.

Hong Leong Investment Bank (HLIB) Research said in a note that there could be an increase in drilling rig tenders this year amid the high current crude oil price, which could bring Velesto back to the black in FY22 or FY23.