KS Energy Limited (the Company) disclosed Thursday that a subsidiary of KS Drilling Pte Ltd (KS Drilling), KS Rig Invest Three Ltd., has entered into an irrevocable sale and purchase agreement for the sale of the rights and obligation under the construction contract for the jackup KS Orient Star 1 (400' ILC) for a cash consideration of $84.88 million (SGD 106.10 million) (the Consideration). The jackup is sold on an “as-is, whereis” basis.
The Consideration to be received by KS Rig Invest Three Ltd. represents an excess of approximately $45.24 million (SGD 56.55 million) over the aggregate book value of the jackup which was $39.64 million (SGD 49.55 million) as at March 31.
KS Drilling, an 80 percent-owned subsidiary of the Company, is an investment holding company. The main activities of its subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction, saved for their shareholding in the Company.
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