“The continued demand in both jack-up drilling rigs and hydraulic workover units is expected to benefit the group, being the main player with strong domestic and regional track records. Improvements in time charter rates and contract durations are also seen based on recently awarded contracts,” Velesto said.
KUALA LUMPUR: A strong performance by the drilling services put Velesto Energy Bhd
in the black in the third quarter ended Sept 30,2019 with net profit of RM33.32mil compared with net loss of RM13.57mil a year ago.
The oil and gas services company said on Thursday its revenue increased by 38.7% to RM208.57mil from RM150.32mil a year ago. Earnings per share were 0.41 sen compared with loss per share of 0.17 sen.
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