KS Energy: N. Sumatra drilling contract to conclude end April
Saturday, April 22 2017 - 05:03 AM WIB
SGX-listed KS Energy Limited announced that drilling contract for work in North Sumatra is now expected to conclude at the end of April 2017, approximately one month earlier than initially expected.
The company said in an update statement on Friday that the expected value of the contract will be approximately US$1.2 million less than previously announced.
KS Energy Limited announced in September of last year that PT Atlantic Oilfield Services, a subsidiary of KS Drilling Pte. Ltd. (KS Drilling), has been awarded a drilling contract for work in North Sumatra. The company said at the time that the expected value of the new contract was approximately $7 million.
KS Drilling, an 80.09 percent 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.
Editing by Reiner Simanjuntak