PETALING JAYA: Analysts are upbeat on Velesto Energy Bhd
’s prospects after it secured a two-year contract extension for the provision of three jack-up rigs to PETRONAS Carigali Sdn Bhd (PCSB) for a total contract value of US$265mil.
In a note, Kenanga Research said Velesto’s contract extensions for its Naga 2, Naga 4 and Naga 6 jack-up rigs will have a contract value of US$73mil, US$95mil and US$97mil, respectively.
The extensions are for an additional two years until February 2026, while the estimated implied daily charter rates (DCRs) for Naga 2, Naga 4 and Naga 6, based on their extension values, are US$114,300, US$130,000, and US$133,000, respectively.
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