Company Profile
Velesto Energy Berhad, an investment holding company provides activities in the upstream sector of the oil and gas industry in Malaysia and globally. Its business is organized into two segments: Drilling Services and Others.
The Drilling Services segment owns and operates a fleet of six premium jack-up drilling rigs capable of operating at water depths up to 400 feet, and drilling operations, well intervention, rejuvenation, repair, abandonment, and decommissioning services for exploration, development, and production wells.
The Others segment provides oilfield services, including threading, inspection, and repair of Oil Country Tubular Goods specialised training and competency development programmes.
It also hydraulic workover units. Its portfolio also includes operations and engineering services for oil and gas exploration, development, and training and courses in relation to oil and gas drilling activities.
Additionally, it engages in the ownership and leasing of rigs. Founded in 1988 and headquartered in Kuala Lumpur, Malaysia, Velesto Energy Berhad was formerly known as UMW Oil & Gas Corporation Berhad before rebranding in May 2018.