Velesto active, up 1.72% on bagging Carigali contracts

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KUALA LUMPUR (Aug 10): Velesto Energy Bhd rose 1.72% in active trade this morning after it bagged two drilling contracts from Petronas Carigali Sdn Bhd with an estimated combined value of US$10.8 million (about RM43.9 million).

At 9.15am, Velesto gained 0.5 sen to 29.5 sen with 3.77 million shares done.

It said the letters of award for the provision of drilling rig services for two jack-up rigs, namely NAGA 3 and NAGA 5, were awarded today to the group’s unit Velesto Drilling Sdn Bhd.

The provision of the above mentioned services is expected to contribute positively to the earnings and net assets of the group during the contract period for the financial period ending Dec 31, 2018.