KS Drilling scores contract extension for KS Java Star 2 rig

KS java Star 2 loaded on HLV Triumph; Image source: Sopsco

KS Energy’s subsidiary KS Drilling has secured a contract extension for one of its jack-up drilling rigs.

KS Energy said on Thursday that the company received a contract extension for the KS Java Star 2 jack-up drilling rig.

The new deal extends the contract awarded to the company back in April 2017. The initial contract worth $11.1 million saw the rig begin operations offshore Vietnam during the same month.

The new extension worth $3 million will see the rig remain on contract with the same undisclosed operator.

The company added that the contract extension was 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, 2018.

As for the rig, it is of a Friede & Goldman Super M2 design. The jack-up was delivered in April 2014 by Shanghai Zhenhua Heavy Industries (ZPMC) in China. It was constructed at a cost of $165.5 million.

KS Drilling, an 80.09%-owned subsidiary of KS Energy is an investment holding company which provides onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply