KS Energy’s new rig deal dimmed by multi-million fine

KS' new rig deal dimmed by $14.8M fine

KS Energy’s subsidiary KS Drilling has secured a contract with Egypt’s Belayim Petroleum for a jack-up drilling rig.

KS Energy has also informed it will have to pay a multi-million fine for its other rig, the KS Java Star.

According to KS Energy, Belayim Petroleum will use the company’s KS Medstar-1 jack-up rig to drill offshore Egypt. The value of the contract has been set at $6 million.

The company said the 300-feet cantilever jack-up would start drilling in March 2016 and continue drilling for approximately four months.

In a separate announcement, Singapore-based KS Energy informed that the company was ordered to pay import duties and other fines in the amount of 197 billion Indonesian Rupiahs (approx. $14.93 million) for the KS Java Star drilling rig.

Namely, the Ministry of Finance of the Republic of Indonesia ruled that the importation of the jack-up drilling rig KS Java Star was not in accordance with certain terms of the importation permit and customs duty exemption facility issued by the Indonesian Investment Coordinating Board, and therefore it was not exempted from import duty.

Offshore Energy Today Staff

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