Saturday, August 25, 2012

KS Energy wins contracts for drilling in Java and Mexico

KS Energy said on Friday that it had clinched two contracts for drilling operations.

The first contract, valued at US$87.6 million (S$109.17 million) for a contract period of one year with a one-year option, will see its subsidiary, together with partner Pertamina Drilling Services Indonesia, deploying the KS Java Star jack-up drilling rig to Indonesia's West Madura oilfield.

The joint operation, which begins in the fourth quarter of this year, will provide exploration and development drilling and work-over drilling services with one cantilever type jack-up drilling rig capable of operating in water depths of up to 300 ft and drilling to depths of 15,000 ft.

In a separate filing to the SGX, the group said it has, through its subsidiary, KS Drilling Pte Ltd, entered into agreements with PEMEX Exploraci?n Y Producci?n and EPNP, SA de CV, to lease and operate two jack-up rigs.

Source: http://www.businesstimes.com.sg/breaking-news/singapore/ks-energy-wins-contracts-drilling-java-and-mexico-20120824

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