Singapore-listed KS Energy Limited (the Company and together with its subsidiaries, the Group) reported Thursday that Atlantic Onshore Services BV, a subsidiary of KS Drilling Pte Ltd. (KS Drilling), has been awarded a contract for the provision of drilling services and the charter of KS Discoverer 3, the Group’s 1,500 HP (horsepower) onshore drilling rig, with Ocean Pakistan Limited (OPL).
Work is expected to begin in 2Q 2015 and shall continue until the completion of one well, with an anticipated duration of 60 days. The total value of the contract is expected to be around $1.5 million.
The contract 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 direct, or indirect, interest in the above mentioned transaction, other than for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company.
KS Drilling, an 80 percent-owned subsidiary of the Company, is an investment holding company. The main activities of KS Drilling’s subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.
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