PETALING JAYA: Velesto Energy Bhd
recorded a lower net profit of RM202.17mil for the financial year ended Dec 31, 2025 (FY25) from RM207.70mil the preceding year.
The lower profit was primarily due to reduced rig utilisation, partly offset by cost provisions recognised in the corresponding period last year, the locally based multinational provider of upstream oil and gas drilling services said in a filing with Bursa Malaysia yesterday.
Revenue was also lower at RM898.56mil compared to RM1.36bil previously, primarily due to the completion of the i-RDC project and lower rig utilisation during the year.
On a full-year basis, the utilisation rate was 72% and the average daily charter rate was recorded at US$118,000 per day (2024: US$122,000 per day), said Velesto Energy.
For the fourth quarter of FY25, the group’s net profit dropped to RM48.97mil from RM55.15mil in the previous year’s corresponding quarter.
Velesto Energy said the decrease was partially offset by lower finance costs and depreciation in the current quarter, adding that the corresponding quarter had included accelerated depreciation.
The fourth quarter revenue decreased to RM233.87mil compared with RM276.06mil in the same quarter of the year before, mainly due to lower average daily charter rates during the current quarter and the completion of the i‑RDC project in October 2024.
In a separate filing, Velesto’s order book stood at RM1.3bil, supported by a healthy tender book of RM3.7bil.
Meanwhile, Velesto Malaysian Ventures Sdn Bhd’s wholly-owned subsidiary, Velesto Drilling Sdn Bhd, has received a letter of award from Jadestone Energy (Malaysia) Pte Ltd.
The contract is for the provision of a jack-up drilling rig for the East Belumut Phase 9 infill drilling project, offshore Peninsular Malaysia, valued at US$16.49mil (RM64mil).
Velesto Malaysian Ventures is a wholly-owned subsidiary of Velesto Energy Bhd.
In a filing with Bursa Malaysia, Velesto Energy said the contract will run from March 2026 to July 2026, during which the group will assign its rig, NAGA 8, for this purpose.
NAGA 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 ft and has a rated operating water depth of 400 ft. — Bernama
