<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on November 6, 2019 - November 12, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Velesto Energy Bhd said its unit has bagged a contract worth US$131 million (RM541.17 million) from Carigali Hess Operating Company Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Carigali Hess, an oil and gas joint venture between PCJDA Ltd and Hess Oil Company of Thailand Ltd, is involved in gas production in the joint development area administered by the Malaysian-Thailand Joint Authority.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Velesto said in an exchange filing yesterday that the contract, awarded to its indirect wholly-owned unit Velesto Drilling Sdn Bhd, is for the provision of a 10K jack-up drilling rig.</p></div>

<div class=newsTextDataWrapInner><p>The contract will commence in the second half of 2020 for a duration of three years, with three extension options of six months each.</p></div>

<div class=newsTextDataWrapInner><p>Velesto said its Naga 8 premium independent-leg cantilever jack-up rig will be used. It has a drilling depth capability of 30,000ft (9.14km) and a rated operating water depth of 400ft.</p></div>

<div class=newsTextDataWrapInner><p>Velesto said the provision of the services is expected to contribute positively to its earnings and net assets during the contract period for the financial period ending Dec 31, 2020.</p></div>

<div class=newsTextDataWrapInner><p>The stock closed unchanged yesterday at 36 sen after 75.49 million shares changed hands, valuing it at RM2.96 billion.</p></div>


KUALA LUMPUR: Velesto Energy Bhd said its unit has bagged a contract worth US$131 million (RM541.17 million) from Carigali Hess Operating Company Sdn Bhd.

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