KS Java Star drilling contract cancelled
Wednesday, July 8 2015 - 02:48 AM WIB
SGX-listed KS Energy Limited announced on Tuesday that an approximately US$7.2 million contract for its KS Java Star jack-up drilling rig has been canceled by the client.
?The company wishes to inform that following various meetings with the client, and their request for deferring the start date of the contract, the client decided to terminate the contract as parties were unable to agree on a new start date,? KS Energy said in a statement, but did not disclose the identity of the client.
The company announced in early March the drilling contract for the KS Java Star rig, which is owned by PT Atlantic Oilfield Services, a subsidiary of KS Drilling Pte Ltd, a joint venture with PT Pertamina Drilling Services Indonesia. KS Drilling is 80 percent owned by KS Energy.
?The termination of the 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 31 December 2015,? KS Energy ended.
Editing by Reiner Simanjuntak