And all these 3 will surely happen. Thats why i think its worth investing here! Huat ah! :)

3 things im looking forward to :
1. New contracts. ( 2 rigs still idle and available)
2. Insurance compensation.
3. Economy reopening which triggers higher demand for oil and more work for velesto!

Still cheap. Buy la. Buy some keep until economy re open surely no regret!

Day's Range: $72.03 - 72.85

Ya, wait for project announcement. Velesto got 2 more rigs waiting new jobs. Tak payah sewa!

70.79 -0.70 -0.98%

Oil price fell la! :(

Assets subject to depreciation. So I guess what “happened” was blessing in disguise

Oil rises as demand picture improves and suppliers keep supply tight
Commodities2 hours ago (Jun 03, 2021 02:50AM ET)
https://www.investing.com/news/commodities-news/oil-rises-for-a-third-day-on-expectations-for-fuel-demand-pickup-2522009

Rent is cheaper than owning own assets.

Going $72 anytime now! :)) OMG!

:)))
71.84 +0.49 +0.69%

Oil Up as Investors Bet on Fuel Demand Surpassing Supply
Commodities49 minutes ago (Jun 03, 2021 12:30AM ET)
https://www.investing.com/news/commodities-news/oil-up-as-investors-bet-on-fuel-demand-surpassing-supply-2522040

Many countries start reopening... need oil to restart engine!

71.06 +0.81 +1.15%

OMG! Yes! :)
Brent hits highest since March on demand prospects
Commodities1 hour ago (Jun 01, 2021 08:39AM ET)
https://www.investing.com/news/commodities-news/brent-rises-to-near-70-on-demand-prospects-and-ahead-of-opec-meet-2519485

No kidding! Sounds like very good news!
World stocks hit another record, oil up in big data week
Stock Markets2 hours ago (Jun 01, 2021 07:35AM ET)
https://www.investing.com/news/stock-market-news/asian-stocks-at-month-high-ahead-of-us-jobs-data-gold-rises-2519516

Oil price 71.19 +1.87 +2.70%
:))

Money money money! $$$! How much total insurance claims?

Brent oil Day's Range: 69.19 - 70.23 :)

Indeed blessing in disguise!

Sounds very good Macgyver11 ! What went down must go up! :)))

Say, MCO coming back Thurs! Klse will be goreng up again! :)

Macgyver11, if u read d news every1 were supportive. Things should turn out ok, not to worry. These are short term hiccups only. Long term should be fine. :) I’m confident.

weirdone, such accident is so unexpected, but they have other working assets. Hopefully more projects soon. And price continue to climb. :)

I’m so happy no 1 got hurt, all rescued! Lives more important than a rig, which can be rebuilt!

Macgyver11, u still holding?

Some ppl commented it’s easier to compensate total loss than partial loss. Anyways, Naga 7 is not its only rig. They have many other assets. https://velesto.com/our-services/

Will be compensated. Becos Shell is d 1 responsible for surveys, etc. to determine if it's safe to jack up there!

Velesto probing rig incident, recovery efforts ongoing
Tan Siew Mung

theedgemarkets.com

May 04, 2021 17:50 pm +08

Velesto probing rig incident, recovery efforts ongoing
-A+A
KUALA LUMPUR (May 4): Velesto Energy Bhd said it is investigating yesterday's worksite incident involving one of its rigs, and is evaluating its options.

"The rig is covered by insurance and recovery efforts are ongoing and monitored," the group said in a bourse filing.

Velesto said the incident involving the Velesto Naga 7 rig occurred at the worksite due to rapid penetration into the formation, whilst operating in offshore Sarawak for a client.

“The rig tilted and subsequently (today), Velesto Naga 7 submerged at the location. Drilling activities have not commenced and no well has been drilled,” the group added.

Velesto said all on-board personnel are safe on the rescue vessels, and the majority of them have been transferred to Miri, while the remaining personnel are in the process of being transferred.

“The company extends gratitude to all involved in the evacuation operation after the incident and the ongoing recovery efforts, including our client and all relevant authorities,” it added.

Velesto's share price closed unchanged at 16 sen today, valuing the group at RM1.31 billion.

S Kanagaraju

68.62 +1.06 +1.57% Very good!

Jjkcl All is good no worries
—-
What good news?

Also, Velesto hv other rigs. Awarded many other contracts!

We shall wait for findings fr investigation :) Compensations would be hefty! That’s for sure!

driller71 u sold ady izzit???

Yeah! Close at 0.16 !!

Doesn’t sound like Velesto fault, more like Shell asks then drill that exact location that caused the rig to fall off. Shell also must compensate?! Lol

Thanks sheep for news update! Drilling activities had not even started! And that’s this “rapid penetration into formation”. What does that mean? Any expert here? Pls explain.

https://www.malaymail.com/news/malaysia/2021/05/04/velestro-energy-says-investigating-naga-7-rig-incident-off-bintulu-assessin/1971587

“The offshore drilling services provider said the incident occurred at the worksite due to rapid penetration into the formation on Monday while operating for a client.


The rig tilted and subsequently submerged at the location today.


Velesto said drilling activities had not started and no well had been drilled.”

How much Naga 7 cost ? Huat ohh if compensated in cash! :))))

Up up up! Yes!

How come this rig can’t float without legs huh? some videos I watch can one ohh...

Since it has totally sunk, gotta pull out whole rig ka!! Aiyoyo! All on d insurance ya!

Thanks UlarSawa for news update! Lucky those 101 personnel r safe! That’s wats most important.

Actuali d rig 1 leg putus or whole thing tengelam ? How come din come out in real news ?

If months, v can’t assume won’t be compensated and sell off!

How long d investigation?

Also they have many more rigs, and more contract coming! So I’ll b holding.

I’m confident they will be compensated.

Look what I found fr their website!

AWARDS / ACHIEVEMENTS
Shell Malaysia Safety Awards 2020
i. Merit – HEALTH – Exemplary health behaviours and performance through Health Leadership, specific health targets / plans, Health Risk Management & workplace health promotion
ii. Merit – ENVIRONMENT – Exemplary initiatives or best practices to manage environmental impacts from the Company’s activities; going beyond standard regulatory requirements

Insurance cover the rig + all revenue loss ?

And if it’s not Velestos fault? Think positive la!