Belayim Petroleum Awards $6M Deal for KS Medstar 1 to Drill Offshore Egypt
KS Energy Limited (KS Energy or the Company) announced Tuesday that a subsidiary of KS Drilling Pte Ltd (KS Drilling) has secured a new contract with Belayim Petroleum Company (Petrobel) for the KS Medstar 1 (300' ILC), a 300-feet cantilever jackup to continue drilling in Egypt.
Work is expected to commence in March 2016 and continue for approximately 4 months. The total value of the new contract is expected to be approximately $6.0 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, 2016.
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 KS Energy, is an investment holding company while 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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