Malaysian driller Velesto Energy is back in the black after reporting a net profit of RM16.27 million ($3.88 million) for the second quarter following an insurance payout related to the sunken jack-up drilling rig NAGA 7.
The sinking of Velesto Energy’s NAGA (dragon) 7 jack-up rig offshore Malaysia has prompted investment firm CGS-CIMB to upgrade the drilling company as the closed-door investigation into the accident continues.
Oil giant BP said yesterday it was boosting its interests in the North Sea by acquiring Total's stakes in two Norwegian oil fields for more than £640million in cash.
