Velesto Energy : 13th Annual General Meeting

1 3 t h A N N U A L G E N E R A L

M E E T I N G

29 May 2023

DISCLAIMER

This material does not constitute and is not an offer to sell or the solicitation of an offer to buy securities of any company referred to in this presentation in the United States or elsewhere. The Company has not registered and do not intend to register any securities under the US Securities Act of 1933, as amended (the "Securities Act"), and any

securities may not be offered or sold in the United States absent registration under the Securities Act or an

exemption from registration under the Securities Act.

This material may contain forward-looking statements by the Company that reflect management's current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks,

uncertainties and contingencies. Actual results, performance or achievements may differ materially and

significantly from those discussed in the forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of the Company and the Company assumes no obligation or responsibility to update any such statements.

No representation or warranty (either express or implied) is given by or on behalf of the Company or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents,

partners, associates and advisers) (collectively, the "Parties") as to the quality, accuracy, reliability or completeness

of the information contained in this presentation (collectively, the "Information"), or that reasonable care has been taken in compiling or preparing the Information. None of the Parties shall be liable or responsible for any budget, forecast or forward-looking statements or other projections of any nature or any opinion which may have been expressed or otherwise contained or referred to in the Information.

The Information is and shall remain the exclusive property of the Company and nothing herein shall give, or shall be

construed as giving, to any recipient(s) or party any right, title, ownership, interest, license or any other right

whatsoever in or to the Information herein. The recipient(s) acknowledges and agrees that this presentation and the Information are confidential and shall be held in complete confidence by the recipient(s). This presentation is for the purposes of information only and no part of this presentation is intended to be or shall be construed as an offer, recommendation or invitation to subscribe for or purchase, or otherwise making available, any securities in the Company.

Performance Driven, Operations Focused

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EXECUTIVE SUMMARY

• The oil and gas outlook remains strong with Brent oil price within USD80 - USD100/bbl by end of 2023
• Velesto's utilisation reached 62% and DCR increased to USD77k/day in 2022. Increased further to 90% and USD86k/day in 1Q 2023
• Recorded revenue of RM581 million, with EBITDA of RM122 million, and loss after tax of RM100 million in FY2022
• NAGA 3, 4 and 6 recently secured contract with PCSB (with improved pricing) of USD128 million
• Strong prospect of improved financial performance in 2023

by		2023	90%		78%	90%
quarters
Utilisation	2022	39%	41%		78%
					38%	51%
%		2021	28%
				1Q	2Q	3Q	4Q

Revenue

Revenue and EBITDA	Quarterly trend (RM'm)	390	312	Highest revenue since last 8 years and highest …
290		EBITDA since COVID-19 global pandemic
190
90		96	74
-10
		-110
		1Q2015	1Q2020	1Q2023

Performance Driven, Operations Focused

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KEY FACTS

One of PNB's strategic investment companies

53% equity

Listed on the

Main Board in 2013

Market capitalization of

RM1.81 bil

(as at 25 May 2023)

6 Jack-up Drilling Rigs,

4 Hydraulic Workover Units,

1 Oilfield Services Plant

1 Drilling Academy

Largest owner and

operator

of jack-up drilling rigs

from Southeast Asia

First Malaysian owner and operator

of HWUs since 2001

Solid track record

with PETRONAS

and other international clients

Experience in

Southeast Asia

(Indonesia, Vietnam and

Thailand)

Performance Driven, Operations Focused

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MAJOR SHAREHOLDERS

As at 19 May 2023

*PNB 53.2%

HLAM 8.4%

MANULIFE 3.7%

UJSB 3.6%

• PNB and PNB Funds

NORGES	3.0%	TOKIO	1.9%	VANGUARD 1.7%	Foreign	10.5%
BANK	MARINE	Shareholding

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