Velesto Energy Berhad informed that its wholly-owned subsidiary received a notification from Carigali Hess Operating Company Sdn Bhd on the suspension of the contract with Carigali Hess, commencing from February 2025 or upon completion of the Contract demobilisation.

The group said the notification is for the assignment of Naga 8 and the suspension is expected to suspend the remaining order book under this Contract.

The aforesaid suspension could potentially have negative impact due to lower utilization in 2025, which it said would be mitigated.