KUALA LUMPUR: Velesto Energy Bhd
said it is expecting a pick up in its performance in the second half of 2026 after a lacklustre performance in the second quarter, on the back of lower utilisation and daily charter rates.
The improvement will come from contracted activity, said president Megat Zariman Abdul Rahim, who noted that five of its six legs are contracted until end-2026.
He added that the group has a healthy RM1.3bil order book remaining, and RM3.7bil in prospects as at July 2026.
"We maintain strong operational performance, achieving 99.9% uptime, while advancing our asset-light growth strategy through securing the Hibiscus contract via a third-party rig and the Chevron i-RDC 2.0 contract for NAGA 8.
"We also continue to actively pursue opportunities for NAGA 3. With sustained focus on energy security, we see continued demand for jack-up drilling services in Malaysia and across Southeast Asia," he said in a statement.
In 2QFY26, Velesto's net profit plunged to RM531,000 from RM50.44mil in the year-ago quarter. Quarterly revenue slid to RM154.03mil from RM199.91mil in the previous corresponding quarter.
For the cumulative six-month period, net profit came to RM28.38mil as compared to RM103.04mil in the same period in 2025, while revenue fell to RM337.38mil from RM424.56mil over the same period.
Velesto declared a second interim dividend of 0.25 sen per share, with entitlement date on Oct 20, 2026, and payable on Nov 18, 2026.
