KUALA LUMPUR (Feb 25): Velesto Energy Bhd (KL:VELESTO) has secured a contract valued at US$16.5 million, or about RM64 million, to provide a jack-up drilling rig for a project offshore Malaysia.

The company will deploy the Naga 8 jack-up rig for the East Belumut Phase 9 Infill Drilling project, Velesto said in a bourse filing on Wednesday. The contract was awarded to its wholly-owned unit Velesto Drilling Sdn Bhd by Jadestone Energy (Malaysia) Pte Ltd.

The contract is for four months, commencing next month and running until July.

Separately, Velesto also reported its results for the final three months of 2025 (4QFY2025) with a net profit of RM48.98 million, a decline of 11% from corresponding quarter a year earlier.

Revenue fell 15% year-on-year to RM233.88 million amid lower average daily charter rates and expiry of the Integrated Rig Drilling and Completion (i-RDC) project.

A dividend of 2.25 sen per share was also declared, lifting its total full-year payout to a record three sen per share.

For the full year of 2025, net profit slipped 2.7% to RM202.18 million as revenue dropped 34% to RM898.57 million.

Shares of Velesto were unchanged at 31 sen at Wednesday’s noon break, giving the group a market capitalisation of RM2.55 billion ahead of the results and contract announcements.