🔴 Velesto Energy is trading 6% down today after mutual termination of US$90M Naga 8 rig contract

Velesto Energy is trading at MYR 0.24, down 6%, following the announcement of a mutual termination for its Naga 8 jack-up drilling rig services contract.

• The contract, valued at over US$90 million, was with PC Ketapang II, PC North Madura II, and PETRONAS North Ketapang, with the termination effective July 7, 2026.
• The company stated the termination is without cause and does not anticipate a material adverse impact on its earnings per share or net assets for the 2026 fiscal year.