Velesto gets RM50mil contract

PETALING JAYA: Velesto Energy Bhd’s 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 had an estimated value of US$10.9mil (RM50.27mil) and is expected to commence in the fourth quarter of 2023.

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

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Velesto , subsidiary , contractwin , drillngrig


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