KS Energy Loses Drilling Contract for KS Java Star



Singapore's KS Energy Limited (the Company and together with its subsidiaries, the Group) referred Tuesday to the announcement dated March 6 in relation to the award of a contract for the jackup KS Java Star (300' ILC) with an expected value of approximately $7.2 million.

The Company wishes to inform that following various meetings with the client, and their request for deferring the start date of the contract, the client decided to terminate the contract as parties were unable to agree on a new start date.

The termination of 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 aforesaid transactions, other than for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company.



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.

RELATED COMPANIES
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.