KS Java Star's Contract Extended by 1 Year for $41M
KS Energy Limited reported that following its announcement Aug. 24, 2012, the company reported that a subsidiary of KS Drilling Pte. Ltd. (KS Drilling) together with its Joint Operation partner, Pertamina Drilling Services Indonesia, has been notified of the exercise of 1 year option on their current contract for the jackup KS Java Star (350' ILC).
By this exercise of the 1 year contract extension, KS Java Star is expected to continue drilling in the West Madura Oilfield offshore Java until January 2015.
The total value of this contract extension is approximately $41 million.
The contract extension is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending Dec. 31.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction, other than other than through their respective shareholdings in the Company or which has been previously disclosed.
KS Drilling, an 80 percent-owned subsidiary of KS Energy, is an investment holding company while the main activities of its subsidiaries are in the provision of drilling services, rig management and support services, oilfield equipment ownership and leasing.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Pertamina Signs JV Deal With Russia's Rosneft For New Tuban Refinery (Nov 28)
- Indonesia's Pertamina To Spend $700MM On Mahakam Oil, Gas Block Next Year (Nov 02)
- Pertamina: Indonesia To Become LNG Importer In 2020 As Population Grows (Oct 25)
Company: KS Energy Limited more info
- PT Atlantic Oilfield Services Bags Drilling Contract in North Sumatra (Sep 07)
- KS Drilling's Unit Secures $17.4M Drilling Contract in Indonesia (Aug 22)
- KS Energy and China's ZPMC Amends Contract for a Newbuild Jackup (Jun 22)