KS Energy, PDSI win contract to drill in West Madura
Saturday, August 25 2012 - 03:03 AM WIB
Singapore-listed KS Energy?s subsidiary and its partner Pertamina Drilling Services Indonesia (PDSI) have won a one-year drilling contract in West Madura oilfield located offshore of Java.
The company said in a statement on Friday that the total value of the one year contract plus a one year option is US$87.6 million (assuming the one year option is exercised). The drilling operations, which will begin in the fourth quarter of this year, will deploy the KS Java Star jack-up drilling rig.
?The group (KS Energy) continues to see large potential in the Indonesian oil and gas market due to its abundant exploration and drilling opportunities,? the company said, adding that the joint operation agreement with PDSI was being finalized.
The joint operation will provide exploration and development drilling and/or work-over drilling services with one cantilever type jack-up drilling rig capable of operating in water depths of up to 300 feet and drilling to depths of 15,000 feet.
Editing by Reiner Simanjuntak