Recent Developments:

NAGA 2, NAGA 4, and NAGA 6 Contracts: On March 22, 2024, Velesto announced that its subsidiary, Velesto Drilling Sdn. Bhd., received Notices of Assignment from PETRONAS Carigali Sdn. Bhd. for the provision of jack-up drilling rigs NAGA 2, NAGA 4, and NAGA 6. These contracts, valued at approximately USD 73 million, USD 94 million, and USD 97 million respectively, commenced on February 7, 2024, and are set to continue until February 6, 2026.

NAGA 6 Special Periodical Survey (SPS): In October 2024, Velesto completed the mandatory five-year SPS for NAGA 6 at the Labuan shipyard. The maintenance included essential class recertification, equipment upgrades, and repairs. Following the SPS, NAGA 6 resumed its two-year contract with PETRONAS Carigali Sdn. Bhd. in Sarawak.


NAGA 8 Contract Suspension and SPS: On November 29, 2024, Velesto announced the suspension of NAGA 8's contract due to the early completion of its drilling program. The company took this opportunity to accelerate the SPS for NAGA 8, positioning the rig for future opportunities. Velesto is actively pursuing tenders across domestic and regional markets for NAGA 8 and other rigs in its fleet.

NAGA 5 Maintenance and Contract Negotiations: As of January 2025, NAGA 5 is undergoing a 55-day major maintenance program at a shipyard in Tuas, Singapore, after completing a two-year integrated rig, drilling, and completion (I-RDC) contract. Velesto is in the final stages of securing a new two-year development contract for NAGA 5, expected to commence upon completion of the maintenance in January 2025.

These developments reflect Velesto's strategic efforts to maintain and enhance its rig fleet, ensuring readiness for upcoming opportunities in the oil and gas sector. THE EDGE MALAYSIA

Buy...buy...buy...! After the S&P...the price will shoot up !

For very long time the prices of this counter swinging between 0.215 and 0.220. Many investor are losing their mood and patience !

Big sharks are swimming in this counter to scare buyers away...finally they will grabs the shares at cheaper prices !

Although dividend has been announced, but the price keep on dropping !!! Why ???
Anyone can explains ?