KS Energy secures geothermal drilling contract
Wednesday, September 7 2016 - 12:44 AM WIB
SGX-listed KS Energy Limited announced Tuesday 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 which is expected to commence middle of the fourth quarter of 2016 and continue for approximately six months.
The company said in a statement that the expected value of the new contract is approximately US$7 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 December 31, 2016, the statement said.
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