Latest news with #Naga4
The Star
27-05-2025
- Business
- The Star
Velesto Energy profit up despite dip in revenue
The group reported first-quarter net profit growth of 12.4% year-on-year to RM52.6mil. PETALING JAYA: Velesto Energy Bhd (VEB) maintains cautious optimism about its outlook for 2025, confident that with Naga 2, Naga 4 and Naga 6 contracted until the first quarter of 2026 (1Q26), this ensures ongoing operations and stability in rig utilisation. Releasing its results for 1Q25 ended March 31, 2025, yesterday, the group reported a net profit growth of 12.4% year-on-year (y-o-y) to RM52.6mil, despite revenue sinking 33.6% to RM224.6mil. This translates to an earnings per share of 0.64 sen. VEB attributed the lower turnover to completion of the i-RDC project and lower rig utilisation in 1Q25, while pointing to lower finance costs and depreciation during the quarter as factors behind the improved profitability. Compared to the preceding quarter ended Dec 31, 2024, net profit edged lower by 4.6% from RM55.2mil. This is as turnover decreased 18.6% from RM276.1mil.
The Star
20-05-2025
- Business
- The Star
Velesto Energy wins Vietnam drilling project
The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027. PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam. Under the contract, the oil and gas firm said its Naga 4 jack-up rig will undertake drilling activities for more than 40 wells. Operations are expected to commence in the first half of 2026. The contract is expected to contribute positively to the group's rig utilisation and financial performance of 2026 and 2027. Velesto president Megat Zariman Abdul Rahim said the contract award reflects continued confidence in the group's operational capabilities and underscores its ability to deliver safe, efficient, and high-quality drilling services.
The Star
20-05-2025
- Business
- The Star
Velesto secures new drilling contract for Naga 4 in Vietnam
PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by Phu Quoc Petroleum Operating Company in Vietnam. Under the contract, the oil and gas firm said its Naga 4 jack-up rig will undertake drilling activities for more than 40 wells. Operations are expected to commence in the first half of 2026. The contract is expected to contribute positively to the Group's rig utilisation and financial performance of 2026 and 2027. Velesto president Megat Zariman Abdul Rahim said the contract award reflects continued confidence in the group's operational capabilities and underscores its ability to deliver safe, efficient, and high-quality drilling services. 'It also supports our focus on securing value-accretive projects that strengthen earnings visibility and optimise fleet deployment.' Velesto said this long-term contract marks the group's strategic expansion into the South-East Asian market, particularly Vietnam. 'With this new win, Velesto continues to demonstrate its competitiveness and strong positioning in the regional drilling industry. 'Naga 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.'
