OTHERS TERMINATION OF CONTRACT FOR THE PROVISION OF A JACK UP DRILLING UNIT FOR CONOCOPHILLIPS SARAWAK LIMITED AND CONOCOPHILLIPS SARAWAK OIL LIMITED
VELESTO ENERGY BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | TERMINATION OF CONTRACT FOR THE PROVISION OF A JACK UP DRILLING UNIT FOR CONOCOPHILLIPS SARAWAK LIMITED AND CONOCOPHILLIPS SARAWAK OIL LIMITED |
Reference is made to the following:
The Board of Directors of Velesto Energy Berhad wish to announce that the VED’s insurance underwriters have confirmed on 9 August 2021 that VELESTO NAGA 7 is a constructive total loss.
Pursuant to the terms of the Contract, in the event VED’s underwriters consider the Rig to be a total loss (including a constructive total loss), the Contract is considered terminated without notice as from the moment that the loss occurred.
With the termination of the Contract, the earnings of VEB Group for financial period ending 31 December 2021 is expected to be reduced by an estimated amount of USD8 million; which was the estimated value of the Contract.
This announcement is dated 17 September 2021. |
Announcement Info
Company Name | VELESTO ENERGY BERHAD |
Stock Name | VELESTO |
Date Announced | 17 Sep 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-17092021-00075 |