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Velesto posts RM60mil loss in Q1, seeks work for two idle rigs

KUALA LUMPUR: Oil drilling company Velesto Energy Bhd made a RM60mil loss in the first quarter ended March 31 as only 28% its rig fleet were working on projects, compared with 84% a year ago.

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Rig Sinks After Incident Offshore Sarawak

The board of directors of Velesto Energy Berhad has revealed that an incident involving its Naga 7 rig has occurred offshore Sarawak. The board of directors of Velesto Energy Berhad has revealed that an incident involving its Naga 7 rig has occurred offshore Sarawak. The incident was said to have happened at a worksite due to rapid penetration into a formation on May 3 while operating for a client. Naga 7 tilted and subsequently submerged on May 4, the Velesto Energy board outlined. Drilling activities had not commenced at the site and no well has been drilled, the board highlighted. “All personnel on-board are safe on the rescue vessels, and [the] majority have been transferred to Miri, Sarawak,” the board said in a statement posted on its website.

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Trading ideas: Nestle, Velesto Energy, Samaiden

, Samaiden, EcoFirst, Paragon Glove, Ageson, MMHE, AirAsia and Genting Malaysia, said JF Apex Research. Nestle has invested a total of RM150mil to set up a plant-based meal solutions manufacturing facility in Shah Alam. The facility, which is the first in Aseanand one of the only two in Asia, will cater to the rising demand for plant-based food and will supply local demand as well as exports. Velesto Energy said its unit Velesto Drilling Sdn Bhd has bagged a contract worth US$17.68mil for the provision of jack-up drilling rig services. Samaiden has proposed a bonus issue of up to 105 million warrants on the basis of one warrant for every two existing shares.

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Velesto wins jack-up drilling rig job

Velesto wins jack-up drilling rig job
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Velesto secures US$17 68mil contract

Velesto secures US$17 68mil contract
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