Velesto stronger in Q1

摘要

MALAYSIAN offshore driller Velesto Energy has warned of a weaker financial performance this year despite posting a strong result in the first quarter. The company's drilling division reported a 39.8% increase in revenue to 174.2 million ringgit ($40 million) in the quarter ending 31 March 2020, mainly due to a higher average jack-up rig utilisation rate of 86% compared to 66% in the same period last year.