KS Energy?s unit awarded $17.4m drilling contract
Saturday, August 20 2016 - 02:26 AM WIB
SGX-listed KS Energy Limited announced on Friday that PT Atlantic Oilfield Services, a subsidiary of KS Drilling Pte. Ltd. (KS Drilling) has been awarded a drilling contract for work in Indonesia which is expected to commence in January 2017 and continue for approximately 14 months.
The expected value of the new contract is approximately US$17.4 million.
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 Dec. 31, 2016.
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 Johannes Simbolon