Velesto ends  RM258mil sale of drilling rig

PETALING JAYA: Velesto Energy Bhd has terminated the sale of its jack-up drilling rig, Velesto Naga 3, to PT Indonesia Drilling Energy after the proposed disposal failed to complete by the agreed deadline.

In a filing with Bursa Malaysia, Velesto said the sale and purchase agreement (SPA), dated Dec 14, 2025, was terminated with effect from July 7, 2026, following the issuance of a notice of termination to the buyer on June 30.

Velesto said the transaction did not complete by the due date stipulated under the SPA.

“Other than the above, the termination of the SPA is not expected to have a material effect on the earnings of the company and net assets of the group for the financial year ending Dec 31, 2026,” it said.