Posted by Mabel > 2021-05-04 15:28 | Report Abuse

What to do...wait loh...collect when it reach 12 sen

Meow

Posted by DoomStock > 2021-05-04 15:29 | Report Abuse

With massive selling pressures today & weeks to come, rest assured that the aggressive supports will die out in due time. So take this opportunity to sell.

Remember folks, the fake support will not last long!

Posted by bullmarket1628 > 2021-05-04 15:39 | Report Abuse

Aiyoyo, people when sick also can cure mah after eat the medicine.
So, what’s the big deal with oil rig sink, then re-built
again lor after getting the payments from insurance....

So, don’t missed the chance to Sailang on the weak price today, I strongly believe it will spike up like mad
after this accident have been fully overcome in soonest of time !

Huat ah, Heng ah, Ong ah !

Posted by guojue > 2021-05-04 15:41 | Report Abuse

The harder you fall the higher you bounce
Gogogogogo velesto!

Posted by DoomStock > 2021-05-04 15:52 | Report Abuse

Velesto will be on the dire straits till 2022 folks. A wise investor will switch to other potential counters. The unwise one will still be in-denial folks!

Posted by bullmarket1628 > 2021-05-04 15:57 | Report Abuse

‪Wow, oil price continue to rise !‬
Brent now at $67.75 ‪+0.19 +0.28%‬

Posted by Flybythenite > 2021-05-04 15:58 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 15:59 | Report Abuse

I’m confident they will be compensated.

Posted by i3lurker > 2021-05-04 15:59 | Report Abuse

most likely drop to 11 sen

Posted by Flybythenite > 2021-05-04 16:00 | Report Abuse

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

Posted by HuatlaiOnglai > 2021-05-04 16:02 | Report Abuse

The compensation will be based on the investigation. First time hearing this issue with drilling rigs.

Posted by Flybythenite > 2021-05-04 16:04 | Report Abuse

How long d investigation?

Posted by Flybythenite > 2021-05-04 16:05 | Report Abuse

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

Posted by UlarSawa > 2021-05-04 16:06 | Report Abuse

Never see oil rig tenggelam kah. Got picture lah. Correct?


obakh222 Oil rig bole tenggelam? ?????
04/05/2021 3:22 PM



https://www.google.com/amp/s/www.energyvoice.com/oilandgas/asia/319795/exclusive-rig-contracted-by-conocophillips-sinks-off-malaysia/amp/

Posted by Flybythenite > 2021-05-04 16:09 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 16:15 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 16:17 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 16:18 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 16:21 | Report Abuse

Up up up! Yes!

Posted by sheep > 2021-05-04 16:21 | Report Abuse

Velestro Energy says investigating Naga 7 rig incident near Bintulu, assessing options

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

Posted by Sioksiok19 > 2021-05-04 16:22 | Report Abuse

Aiyoyo....Velesto tenggelam. Kasihan.

Posted by Flybythenite > 2021-05-04 16:22 | Report Abuse

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

Posted by Expertise > 2021-05-04 16:30 | Report Abuse

thank you to those panic sell..grab cheap ticket

Posted by Flybythenite > 2021-05-04 16:30 | Report Abuse

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.”

Posted by guojue > 2021-05-04 16:32 | Report Abuse

1.45 buy 1.60 sell not bad

Posted by bullmarket1628 > 2021-05-04 16:33 | Report Abuse

‪Ho sei liao !‬
Brent now at $68.14 ‪+0.58 +0.86%‬

‪Huat ah, Heng ah, Ong ah !‬

Posted by matg > 2021-05-04 16:33 | Report Abuse

whois panic sell regret loh.. topup more during red ma.. tangkap pisau heheh

Posted by Flybythenite > 2021-05-04 16:36 | Report Abuse

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

Posted by Flybythenite > 2021-05-04 16:51 | Report Abuse

Yeah! Close at 0.16 !!

Posted by Macgyver11 > 2021-05-04 16:55 | Report Abuse

I think "rapid penetration into the formation" mean the foundation of sea bed not strong cause one of the naga 7 leg glide further and caused one side of the rig tilted.

Posted by Macgyver11 > 2021-05-04 16:58 | Report Abuse

Now days technology can handle everything easily.

Posted by Macgyver11 > 2021-05-04 17:06 | Report Abuse

Velesto got strong supporters...I guess

Posted by pestariang > 2021-05-04 17:09 | Report Abuse

https://www.theedgemarkets.com/article/naga-7-rig-incident-delay-velesto-earnings-turnaround-%E2%80%94-maybank-ib

Posted by Macgyver11 > 2021-05-04 17:14 | Report Abuse

And then they collect cheaper...

Posted by Expertise > 2021-05-04 17:15 | Report Abuse

Weak holder get flush out

Posted by driller71 > 2021-05-04 17:15 | Report Abuse

...
Naga-7 is currently contracted by Conoco Philips when this mishap happened.

Conoco Philips provided Velesto with Geotechnical data, soil boring data, etc. Velesto analyzed data, and accepted the risk. Their insurance company also accepted the risks. Based on the geotechnical data, there should be no issue with jacking up the legs. So, geological uncertainty is taken care off, risk accepted by Velesto & insurance.

Prior to start operation, when the rig arrived at location, they will need to do pre-loading. All the pre-loading loads were planned as per the Geotechnical data. With the planned loads, the legs should be able to withstand the weight of the hull once the legs are being jacked up.

What happened was what the O&G called a "punch through", where instead of the legs able to handle the hull weight and stand firm with the formation support, unfortunately the formation gave away, that caused the legs to rapidly penetrated the soil below (thus the punch through). Now, one leg go deep, while the rest did not. That's why the rig got senget one and eventually sank.

Whose fault is it? Need to do investigation. Is it Conoco Philips fault? ...they already gave the Geotechnical data and Velesto + insurance accepted.

Could argue that the Geotechnical data is not valid...then need to prove.
Could argue human error due to wrong procedures during preloading etc, then insurance wont pay Velesto due to crew error...

So, wait for investigation....how long? It'll take months...plus the rig now is at the bottom of the sea. In the mean time, the future revenue from Naga-7 is gone. Salvage the rig? too expensive at that water depth....most probably will become artificial reef.

Posted by Macgyver11 > 2021-05-04 17:16 | Report Abuse

Hahaha my post about bankers been deleted by admin..hahaha.

Posted by driller71 > 2021-05-04 17:18 | Report Abuse

...
As a technical person, would I put my money in Velesto now? I takut lah.
But a stock trader on market sentiment and oil prices or chart reader...that's a different story...their strategy will be different

Posted by Expertise > 2021-05-04 17:20 | Report Abuse

@Macgyver11 every time they used same tactic to grab cheap ticket..haha

Posted by Flybythenite > 2021-05-04 17:22 | Report Abuse

driller71 u sold ady izzit???

Posted by i3lurker > 2021-05-04 17:22 | Report Abuse

besides loss of income there will be impairment or asset write off next QR

frankly got better shares out there somewhere

Posted by driller71 > 2021-05-04 17:23 | Report Abuse

not an investor in Velesto...just gave my technical take on this

Posted by driller71 > 2021-05-04 17:25 | Report Abuse

rather than you guys speculate what happened etc, I gave the input from someone in the O&G industry

Posted by Flybythenite > 2021-05-04 17:25 | Report Abuse

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

Posted by Macgyver11 > 2021-05-04 17:26 | Report Abuse

Not exactly if they can up the naga 7 rig in stipulate time period and managed to claim compensation...depend.

Posted by driller71 > 2021-05-04 17:27 | Report Abuse

that Naga-7 is a premium rig, made in 2015....expensive rig, loan belum habis bayar (I think)...maybe I'm wrong.

Posted by Flybythenite > 2021-05-04 17:27 | Report Abuse

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

Posted by driller71 > 2021-05-04 17:35 | Report Abuse

contracts wise... if you have access to someone in Velesto, then check if it's long term or short term. If short term i.e 1 or 2 wells, then tough to keep the rig fully manned without any jobs. They will need to stack up to cut manpower cost.

Velesto is competing with modern rig which has "Full Offline Capability" ... Velesto rigs don't have this capability....you can google if you are wondering what it's all about. This is a significant cost saver in operations.

But, Velesto can always play the PNB card...PNB go to government...then government go to Petronas... then dapat la jobs with Petronas lol....easy money

Posted by roslaom > 2021-05-04 17:43 | Report Abuse

Marine warranty surveyor representing insurance company was there during rig move. Nothing can proceed without his approval. Accident happens. Velesto exposures are the deductiblea and loss of businss opportunity. Contract still in tact unless they cannot find replacement rig and default. Maybank analyst quick to jump on reporting.

Posted by Jack Khan > 2021-05-04 17:48 | Report Abuse

Wow Don't hope for insurance to cover! Velesto might have to pay for contract lost if cannot replace the rig in stipulated time!
Triple lost:
1. Lost of Rig
2. Lost of revenue from rig
3. Contract lost - might have to pay for lost of revenue to conoco if cannot replace the rig on certain time frame.