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Velesto abandons sunken drilling rig off Malaysia - News for the Energy Sector

Velesto Energy’s NAGA (dragon) 7 jack-up drilling rig that sunk offshore Malaysia last month while under contract to ConocoPhillips will be abandoned. The

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Analyst upgrades Velesto after rig working for ConocoPhillips sinks off Malaysia

Analyst upgrades Velesto after rig working for ConocoPhillips sinks off Malaysia The sinking of Velesto Energy’s NAGA (dragon) 7 jack-up rig offshore Malaysia has prompted investment firm CGS-CIMB to upgrade the drilling company as the closed-door investigation into the accident continues. Updated: 12/05/2021, 4:34 am Velesto Energy s Naga-7 jack-up drilling rig sinks off Malaysia Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. Thank you for signing up to our newsletter. Something went wrong - please try again later. Sign Up The sinking of Velesto Energy’s NAGA (dragon) 7 jack-up rig offshore Malaysia has prompted investment firm CGS-CIMB to upgrade the drilling company as the closed-door investigation into the accident continues.

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Velesto s sunk Naga 7 rig prompts CGS-CIMB s upgrade to add , higher target price

KUALA LUMPUR (May 5): The sinking of Velesto Energy Bhd’s Naga 7 rig offshore Sarawak yesterday has prompted CGS-CIMB to upgrade the company to add while raising its target price to 19.5 sen from 17 sen prior. Calling it a possible “blessing in disguise”, analyst Raymond Yap said the valuation impact of the sunk rig may be positive as its insurance claims may exceed the written-off net book value (NBV) which is estimated at RM400 million. “First, the Naga 7 is fully insured and the insurance value is pegged to the outstanding debt secured on the rig,” he said. He believes that the insurance claims are conservatively worth RM350 million, but could exceed the NBV of the rig.

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Broker s take: SIA to benefit from air traffic recovery, say analysts

Broker s take: SIA to benefit from air traffic recovery, say analysts
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Overcapacity issue caps PetChem s share price rally

AFTER rallying by a third since end-September, can Petronas Chemicals Group Bhd (PetChem) spark further interest in its shares? At last Thursday’s close, the shares were trading at RM7.15 apiece and at a price-earnings ratio (PER) of 36.92 times. Are there any potential catalysts ahead for the company, which registered robust profit growth in the third quarter ended September, ostensibly on the back of a recovering global economy? A lot hinges on the fundamentals of the petrochemicals industry, but overcapacity issues continue to cast a huge shadow on the sector. For the present, many analysts have downgraded PetChem, as the glut in the global petrochemical industry could linger for a few years to come. Even so, they expect the company to post solid earnings in the coming financial year.

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