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Velesto Energy Bhd
OTC:VLSOF
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MY |
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Blender Bites Ltd
F:JL4
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CA |
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Q
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Qt Group Oyj
OMXH:QTCOM
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FI |
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Internet Thailand PCL
SET:INET
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Velesto Energy Bhd is an offshore drilling contractor for the oil and gas industry. It owns and operates jack-up drilling rigs, which are mobile platforms used to drill wells in shallow water for exploration and development projects. The company also provides related rig management and drilling services that help customers carry out offshore drilling campaigns safely and efficiently.
Its main customers are oil and gas producers and national energy companies that need drilling capacity but do not want to build or maintain their own rigs. Velesto makes money by renting out its rigs and charging day rates for drilling work, along with fees tied to rig operations and technical services. That means its business depends on long-term drilling contracts and the demand for offshore well drilling.
What sets Velesto apart is that it sits in a very specific part of the energy value chain: it does not produce oil and gas itself, but sells the specialist equipment and operating skill needed to reach underground reserves. This makes it a capital-heavy, project-based business where the key assets are the rigs, the crews that run them, and the ability to keep those rigs working for customers in offshore basins.
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