KS Energy acquires Indonesia drilling firm
Friday, October 29 2010 - 09:26 AM WIB
Singapore Exchange-listed integrated oil and gas services company KS Energy Services Limited announced Friday its strategic entry into the drilling industry in Indonesia, through its wholly owned subsidiary KS Drilling Pte. Ltd. having entered into an agreement to acquire a 60% equity interest in PT Petro Papua Energy (PPE) for US$5.25 million.
PPE is an Indonesian drilling company that has secured a US$66.59 million 5-year drilling contract from an international oil major to provide and operate 2 new land rigs for drilling operations in Indonesia.
CEO Kris Wiluan said: ?This is a very good opportunity for KS Energy to enter the Indonesian drilling market. Commencing with this 5-year drilling contract, combining the resources and competencies of KS Energy, PPE and our drilling arm KS Drilling, we will be well positioned to tender for more projects in Indonesia.? (alex)