KS Energy Signs Drilling Contract

Laxman Pai
Wednesday, June 12, 2019

The one-stop energy services provider to the global oil and gas KS Energy announced that a consortium of PT Java Star Rig, a joint venture of KS Drilling, and Universal Energy Resources Inc, has been awarded a contract by Eni East Sepinggan Ltd to charter the sixth generation semi-submersible drilling rig “SSV Catarina” to carry out the work.

The work in Indonesia is expected to begin in 2019, said a press release from the Singapore-based company. The expected value of the contract for the consortium is approximately US$95 million.

The contract is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2019, said the release.

KS Drilling, an 80%-owned subsidiary of the Company, is an investment holding company. The main activities of its subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.

Categories: Drilling Contract Rig

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