Update: KS Drilling scores drilling gig in Egypt for KS Medstar-1 rig

KS Medstar-1 / Image source: KS Drilling
KS Medstar-1 / Image source: KS Drilling

The article has been updated with an estimated dayrate value, as provided by Bassoe Offshore


Singapore-listed drilling company KS Drilling has managed to find work for its KS Medstar-1 offshore drilling rig in Egypt.

The jack-up drilling rig, built in 1980 and upgraded in 2011, will begin work in the third quarter of 2019, an will earn $2.5 million in total. KS Drilling did not say who the client was.

Medstar-1 details / Generated by Bassoe Analytics

According to data on Bassoe Analytics, the rig last worked in the Red Sea in Egypt for North Sinai Petroleum Company (NOSPCO), between May and August 2018, for a dayrate of $45,000.

Bassoe shows the estimated dayrate for the new contract is around $34.000.

Data by Bassoe shows the rig is currently warm-stacked in Egypt. Apart from KS Medstar-1, KS drilling owns two other jack-ups, KS Java Star and KS Java Star 2, both of which are currently on contracts in Indonesia and Vietnam, respectively.

Worth reminding, KS Drilling has this month canceled newbuild orders for two jack-up rigs being built by Chinese shipyards ZPMC and COSCO, respectively.

 


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