Velesto Energy secures RM50mil well-drilling contract

KUALA LUMPUR: Velesto Energy Bhd said its sub-subsidiary Velesto Drilling Sdn Bhd has secured a contract from Vestigo Petroleum Sdn Bhd for the provision of a jack-up drilling rig.

In a filing with Bursa Malaysia, the group said the contract has an estimated value of US$10.9mil (RM50.32mil) and is expected to commence in Q4 2023.

The group said it has assigned its Naga 2 jack-up rig for the job, which entails the drilling of five firm wells.

"The provision of the above-mentioned service is expected to contribute to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2023," it added.

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Velesto Energy , jack-up rig , oil and gas


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