ExxonMobil Exploration and Production Malaysia, a subsidiary of the U.S. oil major ExxonMobil, has handed out
a contract for a hydraulic workover unit and services to Malaysia's Velesto.

According to Velesto Energy's Bursa Malaysia announcement, Velesto Workover – a wholly-owned subsidiary of
Velesto Malaysian Ventures, which in turn is a wholly-owned subsidiary of Velesto Energy – has received a Letter
of Award from ExxonMobil Exploration and Production Malaysia for the provision of a hydraulic workover unit and
services for its 2023/2024 workover and plug and abandonment (P&A) programme.

While the financial details were not specified, Velesto did explain that the value of this contract with no guarantee
of call-offs will be based upon the agreed rates and work order, if any, issued by ExxonMobil within the contract
term.

Furthermore, the Velesto GAIT 6 unit has been assigned to perform workover, plugging and abandonment work
for ExxonMobil during the two-year contract. The start date for this assignment is expected in 3Q 2023.

The 2014-built Velesto GAIT 6 is a hydraulic workover unit with maximum pulling and snubbing capacities of
460,000 lbs and 225,000 lbs, respectively. It is capable of rigging up on offshore platforms to perform well
workover, plugging and abandonment activities.

Velesto secured multiple new deals for its rigs over the past few months. In May 2023, the firm's rigs got hired by
Petronas Carigali for operations in Malaysia. The deal with the Malaysian energy giant has an estimated
combined contract value of $128 million.

The following month, Velesto secured work with an estimated combined contract value of $10.9 million for a rig
with Vestigo Petroleum, a subsidiary of Malaysia's Petronas Carigali. Recently, the company confirmed a deal
with Jadestone Energy, which comes with an estimated combined contract value of $6.1 million.