14th ANNUAL GENERAL MEETING

30 May 2024, Thursday

Empowering Growth and Excellence

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.

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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

2

EXECUTIVE SUMMARY

• Turnaround and Growth

Financial Performance

•

Revenue RM1.2 bil

(+109%) - Highest

revenue ever

•

PAT RM100 mil from

LAT of RM100 mil -

highest since 2014

Annual Revenue and PAT (RM mil)

1,500

Revenue

PAT

1,214

1,000

671

547

581

500

378

• Share price increased

to 29.5 sen on 23 May

-

33

100

2024 from 15 sen in Jan

2023 (+97%)

-500

-91-100

-492

• Dividend payment of

0.25 sen per share, first

since 2014

2019 2020 2021 2022 2023

Performance Driven, Operations Focused

3

KEY FACTS

Strong assets based

*52%

equity

PNB One of PNB's

strategic

investment companies

Regional presence

BURSA

2013

Listed on the

MALAYSIA

Main Board

RM2.3 bil

Market

capitalisation

as at 29 May 2024

6 Jack-up Drilling Rigs

2 Hydraulic Workover Units

  • Largest owner and operator of jack-updrilling rigs from Southeast Asia
  • First Malaysian owner and operator of HWUs since 2001
  • Experience in Southeast Asia (Indonesia, Vietnam and Thailand)
  • Solid track record with
    PETRONAS, SHELL, HESS and other international clients

Performance Driven, Operations Focused

4

KEY ACHIEVEMENTS IN 2023

Empowering Growth and Excellence

Maximising Assets

•

Utilisation:

83%

•

Average

USD94k

DCR:

Operational Excellence

• Operating 97% Efficiency

Technology Adoption

  • Installed NOVOS (Autonomous Drilling) and Starlink

HSE Performance

  • Zero LTI
  • Zero Major Spills
  • Multiple client awards

Cultural Development

  • iLEAP Core Values
  • Performance Driven, Operations Focused

Sustainability

  • Top-quartileof FTSE4GOOD Bursa Malaysia index

We are achieving our mission to provide quality services

to the oil and gas industry and surpassing international standards

Performance Driven, Operations Focused

5

RIG UTILISATION AND AVERAGE DAILY CHARTER RATE

Average DCR (USDk/day)

Utilisation

95%

151

Highest utilisation

since 2014

80%

70%

73%

128

66%

52%

Highest average DCR

since 2015

87

68 69 70 70

21%

83%

62%

48%

94

77

68

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Performance Driven, Operations Focused

6

OPERATIONAL HIGHLIGHTS

Achieving operational reliability and excellence for our clients

Operating Efficiency

100%

99%

99%

99%

98%

96%

96%

94%

94%

92%

1Q23

2Q23

3Q23

4Q23

1Q24

1Q23

2Q23

3Q23

4Q23

1Q24

Outcomes

Petronas contract renewed with notice of assignments worth USD265 mil at improved and competitive rates.

Received various awards from clients, including appreciation award by PCSB for Tembungo A Wells P&A Campaign

Performance Driven, Operations Focused

7

TECHNOLOGY HIGHLIGHTS

We are continuously adopting new technologies

to deliver efficiency to our clients

Previously upgraded Offline capabilities on NAGA 5 and NAGA 6.

Completed installation of

NOVOS autonomous drilling system on NAGA 4.

Fitted Starlink on NAGA 8 to provide connectivity for crew well-being

Evaluating semi-autonomous robotic system

Performance Driven, Operations Focused

8

HSE HIGHLIGHTS

Maintaining excellent HSE Performance,

engaging the industry and receiving client recognition

Performance

Engagement

ZERO

Fatality

ZERO

Loss

Time Injury

ZERO

Major Spills

Participated in

Petronas'

Monsoon Zero

Incident Zero

Accident (ZIZA)

Campaign

Awards

Petronas Carigali Sdn.

EXXONMOBIL STAR

SHELL Malaysia

MSOSH Award 2023

Bhd. (Sabah Asset) -

Excellence Award -

Silver Award

-

OSH Gold

2023 SPSM Award)

Gold (Wells Category)

for Upstream Safety

-

(Class 1)

Performance Driven, Operations Focused

9

SUSTAINABILITY HIGHLIGHTS

Improved overall

ESG Performance in 2023

INITIATIVES / ENGAGEMENT / AWARDS

Rated 4 Stars -

3.8 ESG Score

17.8

top 25% in the

as rated by

(Low ESG Risk)

ESG index

FTSE Russell

CSR Initiative of the Year

Coral Restoration

- Oil & Gas at 2023

Program at Pulau

Malaysia Management

Perhentian

2030 Target

10% reduction

of operational

emission intensity

30% reduction

of revenue

emission intensity

Achieved by 2023:

28% reduction

emissions intensity /

ops day

62% reduction

emissions intensity /

Revenue (RM mil)

Note: Against 2021 baseline

Excellence Award

MoU Signing with

Teaching Aid

SEDC - Education

Contribution to

Empowerment

Rural Schools, Miri

What will happen next:

  • Pledged to achieve Net Zero Emissions by 2050
  • Roadmap development for decarbonisation pathways towards

2050

Performance Driven, Operations Focused

IADC HSE &

MACC Pledge

Sustainability APAC

Conference

10

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Disclaimer

Velesto Energy Bhd published this content on 07 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2024 08:13:04 UTC.