By working with a US-based oil & gas company, KSES USA will charter the offshore jack-up (non-drilling) unit to support the offshore drilling operations of an international oil company in the Gulf of Mexico. The Contract is for a period of 6 months with an option to extend a further 6 months. The total value of the one-year Contract is approximately US$14.6 million.
The Contract is another example of KS Energy's diversified capabilities to provide a wide range of offshore capital equipment to the global oil & gas industry. The Company's penetration into the US oil & gas industry marks a further geographical expansion of its activities and reaffirms the Group's position as a global solution provider of energy related services.
The Contract is not expected to have a material impact on the Group's earnings per share or net tangible assets for the financial year ending 31 December 2005. None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the above transaction.
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