Velesto Malaysian Ventures, a wholly-owned subsidiary of Malaysia’s Velesto Energy, owner of six premium jack-up rigs and two hydraulic work-over units, has taken steps to offload its stake in Velesto Workover Sdn Bhd (VWSB).
Velesto has entered into a share sale agreement (SSA) with Enviros Survey & Consultancy to dispose of its entire equity interest in Velesto Workover for a total cash consideration of RM16.5 million (around $4.13 million).
Megat Zariman Abdul Rahim , President of Velesto, commented: “The divestment is consistent with our approach to portfolio management. It is aligned with the Group’s ongoing efforts to streamline operations, support returns to shareholders, and optimise capital allocation.
“We are also taking measured steps to develop complementary areas in line with the Group’s longer-term direction to pursue value-enhancing opportunities.”
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The firm provides workover services, which form part of the Malaysian firm’s upstream oil and gas services offering. The proposed disposal is expected to be completed by the first half of 2026.
The company claims that this disposal is expected to result in a gain of approximately RM0.4 million (around $100,000) based on the net assets of VWSB as at the end of September 2025.
This divestment follows shortly after Velesto’s move to shed a 15-year-old jack-up rig for a total cash consideration of $63 million (equivalent to RM 258.4 million).