VELESTO ENERGY BERHAD (FORMERLY KNOWN AS UMW OIL & GAS CORPORATION BERHAD) is a Malaysia-based multinational provider of drilling and oilfield services for the upstream sector of the oil and gas industry. In drilling services business, they operate in both Malaysia and in other parts of South East Asia, providing drilling services for exploration, development and production wells with their fleet of offshore drilling rigs and providing workover services through HWUs. In drilling services business, they also act as an agent in Malaysia for International companies providing specialised drilling equipment and services. In oilfield services business, they offer threading, inspection and repair services for OCTG in Malaysia and overseas, with a focus on premium connections used in high-end and complex wells.
Daily chart: working hard to move out from downtrend zone.
Weekly chart: still in the downtrend zone.
This is definitely is called turnaround play as previous 2 years in massive loss.
The latest Q was signed of turnaround. Also, new project rewarded recently.
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