KS Energy?s rig to continue drilling at West Madura field
Thursday, November 14 2013 - 11:06 AM WIB
SGX-listed KS Energy Limited announced on Thursday that a subsidiary of KS Drilling Pte. Ltd together with its Joint Operation partner, Pertamina Drilling Services Indonesia, has been notified of the exercise of one year option on their current contract for the ?KS Java Star? jack-up drilling rig.
By this exercise of the one year contract extension, the rig is expected to continue drilling in the West Madura Oilfield offshore Java until January 2015.
The total value of this contract extension is approximately US$41 million, the firm said in a statement.
KS Drilling, an 80 percent-owned subsidiary of KS Energy, is an investment holding company while the main activities of its subsidiaries are in the provision of drilling services, rig management and support services, oilfield equipment ownership and leasing.
Editing by Johannes Simbolon