Latest news with #Velesto
BusinessToday
30-05-2025
- Business
- BusinessToday
Bursa Opens Flat As FBMKLCI Inches Down 0.02% To 1,518.75
Bursa Malaysia opened on a subdued note this morning, with the FBM KLCI slipping 0.23 points or 0.02% to 1,518.75 as at 9.05 am. Broader indices also trended lower, with the FBM 70 shedding 88.90 points (-0.54%) to 16,243.41, and the FBM EMAS falling 18.10 points (-0.16%) to 11,364.23. The FBM Shariah Index declined 29.02 points (-0.26%) to 11,336.81, while the FTSE4Good Bursa Malaysia Index (F4GBM) dipped 1.23 points to 915.89. Among the most active stocks, Velesto remained unchanged at RM0.185 with over 144 million shares traded, while Natgate rose 6 sen to RM1.500 with 74.8 million shares changing hands. SMTrack, Tawin, and DNex saw active interest but remained flat or edged slightly lower. The cautious start comes amid mixed regional sentiment, as investors await fresh cues on global inflation and interest rate direction. Related
The Star
27-05-2025
- Business
- The Star
Velesto's 1Q net profit jumps to RM52.61mil on higher charter rates
KUALA LUMPUR: Off the back of an improved bottomline in the first quarter of 2025 (1QFY25), Velesto Energy Bhd says increasing offshore activities in Southeast Asia signal strong market momentum, as reflected in recent contract wins in Vietnam and Indonesia. "We are strategically focused on maximising rig utilisation, maintaining cost efficiency to sustain healthy margins, and driving shareholder returns. "Our priority remains clear—delivering long- term, sustainable value to all stakeholders," said Velesto president Megat Zariman Abdul Rahim in a statement. In 1QFY25, Velesto recorded a higher net profit of RM52.61mil compared to RM46.81mil in the year-ago quarter. Earnings per share rose to 0.64 sen from 0.57 sen previously. According to the group, the improved profitability was owing to an increase in average daily charter rate to US$127,000 a day, which helped offset the lower rig utilisation rate. The rig utilisation rate had slipped to 67% from 94% in 1QFY24, primarily due to idle periods for NAGA 3 and NAGA 5. The group's revenue during the quarter under review, however, fell to RM224.65mil from RM338.58mil. Moving forward, Velesto said the Special Periodical Surveys (SPS) for NAGA 8 and NAGA 3 are on track for completion in the second quarter of 2025. Following the completion of SPS, NAGA 8 is scheduled to commence operations in Indonesia in the third quarter of 2025. As at April 2025, Velesto's order book has doubled to RM1.4bil, providing earnings visibility until 2028.
New Straits Times
23-05-2025
- Business
- New Straits Times
Velesto secures US$90mil drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract valued at US$90 million (RM423 million) from three Indonesian oil and gas companies for the deployment of its Naga 8 jack-up rig in Indonesia. The contract was awarded by PC Ketapang II Ltd , PC North Madura II Ltd and Petronas North Ketapang Sdn Bhd, the group said in a filing with Bursa Malaysia. Scheduled to commence in July 2025, the project covers a firm period of four years covering 12 firm wells and three optional wells. A suspension period is planned from February to July 2026, during which Velesto retains the right to market Naga 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the three firms. The contract is expected to contribute positively towards the company's earnings and net assets from 2025 to 2028. Velesto president Megat Zariman Abdul Rahim said in a statement that the contract reflects the company's ongoing efforts to expand footprint in Southeast Asia. "As the second contract secured in the region, it solidifies our commitment to this strategic growth. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders," he added. Velesto said the contract strengthens its position as a key player in Southeast Asia's oil and gas sector, in line with its long-term strategy to broaden its regional presence while maintaining high operational standards. Naga 8 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.
The Star
23-05-2025
- Business
- The Star
Velesto secures new drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract from PC Ketapang II Ltd, PC North Madura II Ltd, and PETRONAS North Ketapang Sdn Bhd for its NAGA 8 jack-up rig in Indonesia. In a statement, Velesto said the contract covers 12 firm well and three optional wells. The contract, which is expected to support Velesto's rig utilisation and earnings visibility from 2025 to 2028, is set to commence in July 2025 over a firm period of four years. A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the client. "This contract award reflects our ongoing efforts to expand Velesto's footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth," said Velesto president Megat Zariman Abdul Rahim. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders.
New Straits Times
22-05-2025
- Business
- New Straits Times
Aberdeen continues buying spree in Velesto, lifts stake to over 6pct
KUALA LUMPUR: Aberdeen Group plc has continued accumulating shares in oil and gas services provider Velesto Energy Bhd, lifting its stake past six per cent within a span of two weeks. The United Kingdom-based investment firm, which emerged as a substantial shareholder in Velesto earlier this month, acquired an additional 24.98 million shares on May 20. This raised its deemed interest in Velesto to 509 million shares, or 6.20 per cent of the company. Aberdeen had first surfaced as a substantial shareholder on May 7 after acquiring 429.39 million shares, representing a 5.23 per cent stake. In multiple bourse filings, Velesto said the shares were acquired via Citibank Bhd, which acted as custodian for "one or more funds" managed by subsidiaries of Aberdeen. The identities of the ultimate beneficiaries remain undisclosed. Velesto, a key player in the upstream oil and gas sector, owns and operates six jack-up drilling rigs and offers hydraulic workover services through its integrated operations. It also provides tubular goods inspection and threading services under its oilfield services arm. Velesto's share price has declined 43.1 per cent over the past 12 months but has seen a modest year-to-date rebound, rising from 15.5 sen on January 2 to 16.5 sen currently. For the financial year ended Dec 31, 2024, Velesto more than doubled its net profit to RM207.71 million, up from RM99.53 million a year earlier. Revenue also climbed 12.1 per cent to RM1.36 billion from RM1.21 billion. The company reported a net margin of 15.3 per cent and return on equity of 8.2 per cent, according to Bursa Marketplace. Its current dividend yield stands at 7.6 per cent, among the highest in its sector. At least eight analysts currently cover the stock, with a consensus 'Buy' rating and a 12-month average target price of 21 sen. The company boasts strong fundamentals, including a low debt-to-capital ratio of 0.1 per cent and a dividend payout ratio below 50 per cent. In March, Aberdeen emerged as a substantial shareholder in Eastern & Oriental Bhd with a 5.05 per cent stake, later increasing its holdings to 5.81 per cent. Two years earlier, it took a 5.24 per cent stake in CTOS Digital Bhd, which has since grown to 14.99 per cent. Headquartered in Edinburgh, Aberdeen Group plc, formerly abrdn plc, manages over £500 billion in global assets and is listed on the London Stock Exchange. Its investment strategy is typically long-term and fundamental-based, often involving large mandates from institutional clients such as pension funds, insurers and sovereign funds.
