Velesto profits set to rise on high charter rates

CGS-CIMB Research expects Velesto’s profits to rise dramatically from financial year 2023.

PETALING JAYA: The global rise in utilisation and charter rates for jack-up (JU) fleet this year spells good news for Velesto Energy Bhd.

The global JU utilisation rates are anticipated to rise to about 80% in 2023, from just 69% in 2021, on the back of strong drilling activities in the Middle East and China, according to CGS-CIMB Research.