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KS Energy’s jack-up drilling rig contract worth US$7.2 mln terminated by its client

KS Java Star-1 jack up rig (Image: KS Drilling)
KS Java Star-1 jack up rig (Image: KS Drilling)

JAKARTA (rambuenergy.com) – Singapore-listed KS Energy Limited said its client has decided to terminate the contract for its “KS Java Star” jack-up drilling rig with an expected value of approximately US$7.2 million.

“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.

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, it said.

None of the Directors or Substantial Shareholders of the Company has any direct or indirect interest in the aforesaid transactions, other than for their respective interests, through their shareholdings and/or directorships.

KS Energy provides drilling service through its subsidiary KS Drilling. It provides drilling service in shallow water and onshore drilling. It currently operates twelve land rigs in Indonesia, Pakistan, Kurdistan, Tunisia and three offshore drilling rigs in Vietnam, Indonesia and Egypt.

Currently, the company has two high-specification jack-up drilling rigs that are being built in China, to be delivered in 2014 and 2016. Its rigs are being rented to major oil and gas players such as Vietsopetro, ExxonMobil, Chevron, Eni, and PT Pertamina West Madura Offshore (WMO).

KS Energy is found and owned by businessman Kris Wiluan. (*)

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