KS Energy to Supply Components for Construction of Two Jack-Up Rigs in China

 

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;

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