[%KEnl%]
Research by Kenanga
Outperform – TP RM0.34

“Dragons on the Prowl"

VELESTO said that the recent suspension of rigs by Saudi Aramco has no impact on the jack-up rig market in Southeast Asia. It projects global rig utilisation to remain elevated at 88% in FY25, even after taking into consideration the rigs diverted from Saudi Aramco. We maintain forecasts, TP of RM0.34 and OUTPERFORM call.

Analyst:
Lim Sin Kiat, CFA 
[%gUap%]

$KLSE-VELESTO
Research by Kenanga
Outperform – TP RM0.34

“Dragons on the Prowl"

VELESTO said that the recent suspension of rigs by Saudi Aramco has no impact on the jack-up rig market in Southeast Asia. It projects global rig utilisation to remain elevated at 88% in FY25, even after taking into consideration the rigs diverted from Saudi Aramco. We maintain forecasts, TP of RM0.34 and OUTPERFORM call.

Analyst:
Lim Sin Kiat, CFA 
limsk@kenanga.com.my