KS Energy drilling rig awarded $4.8m contract
Friday, March 17 2017 - 01:11 AM WIB
SGX-listed KS Energy Limited said that PT Petro Papua Energi, a subsidiary of KS Drilling Pte. Ltd., has been awarded a contract for the KS Discoverer 7 land drilling rig.
The company said in a statement on Thursday that work in Indonesia is expected to commence in the second quarter of 2017. The expected value of the new contract is approximately US$4.8 million for approximately 9 months work.
The new 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 December 31, 2017.
KS Drilling, an 80.09 percent-owned subsidiary of the KS Energy, 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.
Editing by Reiner Simanjuntak