Velesto’s CHOC job extension a positive

Kenanga Research said it was positive on the development.

PETALING JAYA: There are mixed reactions from analysts on Velesto Energy Bhd on the company bagging an extension of its Naga 8 jack-up rig for 18 months at an estimated US$74mil.

It said its contract with Carigali Hess Operating Company (CHOC) has been extended from April 19, 2024 until Oct 18, 2025.