July 31st, 2018

Velesto Energy bags RM101m job from Shell

Velesto Energy Bhd’s (formerly known as UMW Oil & Gas Corp Bhd) wholly owned subsidiary Velesto Drilling Sdn Bhd (VED) was awarded a US$25 million (RM101 million) contract from Sarawak Shell Bhd/Sabah Shell Petroleum Company Ltd for the provision of jack up drilling rig services.

Velesto will assign its Naga 7 for the contract, which will go on from Aug 1, 2018 to Sept 30, 2018.

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

Velesto shares were unchanged at 30 sen on 21.64 million shares done.

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