KS Energy Limited announces that its subsidiary, KS Distribution Pte Ltd has secured two project contracts with an established shipyard from China to supply rig components worth approximately S$70 million (in total for the two contracts) for the construction of two jack-up rigs.
KS Distribution Pte Ltd is a 55% subsidiary of the Company. Under the terms of the contract, KSD is to provide integrated procurement and project management services to the shipyard from China which is constructing two jack-up rigs. Delivery under this contract will commence from the second half of FY2012 with completion targeted by the first half of FY2014.
70 million Singapore dollars = 57.5421 million U.S. dollars
Source: KS Energy, July 15, 2011;