For 1Q2026, Velesto recorded revenue of RM183 million (1Q2025: RM225 million). Profit after tax (‘PAT’) was RM28 million (1Q2025: RM53 million), while EBITDA stood at RM82 million (1Q2025: RM113 million). PAT and EBITDA margins were at 15% (1Q2025: 23%) and 45% (1Q2025: 50%) respectively. In addition, Velesto announced its interim dividend for FY2026 of 0.75 sen per share.

Utilisation rate came in higher at 75% (1Q2025: 67%) and average daily charter rate recorded at USD108k/day (1Q2025: USD127k/day).

Megat Zariman Abdul Rahim, President of Velesto, said, “Our latest results reflect a disciplined quarter with higher utilisation, and perfect asset uptime, despite lower DCR.

We anticipate potentially tighter rig market conditions driven by a renewed focus on energy security and higher capital expenditure by oil and gas operators in the region. In light of this, we will continue maximising opportunities for our own rigs while pursuing additional contracts through strategic collaborations to expand market share and enhance earnings opportunities.

Our recently awarded NAGA 2 long-term contract with Petronas Carigali Sdn Bhd strengthens our earnings visibility. We also secured a contract from Hibiscus Oil & Gas Malaysia, marking the Group’s first jack-up rig arrangement under this strategy.”

As at April 2026, Velesto’s order book stood at approximately RM1.1 billion, supported by a healthy tender book of RM3.1 billion.