Singapore's KS Energy Limited (the Company and together with its subsidiaries, the Group) disclosed Monday that a consortium of PT Atlantic Oilfield Services, a subsidiary of KS Drilling Pte. Ltd. (KS Drilling) and PT Java Star Rig, a joint venture of KS Drilling, has been awarded a contract for the jackup KS Java Star (300' ILC). The work in Indonesian is expected to begin in December. The expected value of the new contract is approximately $2.8 million.
The new 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.
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.
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