Velesto Energy Berhad (5243.KL)

Velesto Energy Berhad, an investment holding company, provides services for the upstream sector of the oil and gas industry in Malaysia and internationally. It operates through Drilling Services, Integrated Services, and Oilfield Services segments. The Drilling Services segment provides drilling services to the upstream oil and gas sector; and owns and operates several drilling rigs which are chartered out to oil majors for their exploration, development, and production activities. The Integrated Services segment offers hydraulic workover operation, which owns hydraulic workover units (HWUs) and acts as an agent for two providers of specialized equipment and services; and provides HWUs service offshore wells that involve the use of HWUs and its ancillary equipment to complete the removal and replacement of well equipment to restore the operation of suspended or under-performing wells. The Oilfield Services segments provides oil country tubular goods. The company also offers treasury management services; engineering services for oil and gas exploration, development, and production; and provides training and courses in relation to oil and gas drilling activities, as well as leases rigs. The company was formerly known as UMW Oil & Gas Corporation Berhad and changed its name to Velesto Energy Berhad in May 2018. Velesto Energy Berhad was founded in 1988 and is headquartered in Kuala Lumpur, Malaysia. Show more