KS Energy Services Limited has secured the first of two six-months extension with effect from June 29, 2008, to its rig management contract with Consafe Offshore AB, a wholly-owned subsidiary of Prosafe SE for the management of the Safe Esbjerg, a 140-bed accommodation jackup rig currently operating in the North Sea for Maersk Olie og Gas AS, Denmark. Its wholly owned subsidiary, Atlantic Marine Services Denmark BV (AMS), which has been managing this accommodation rig since June 2005, will now be continuing with its rig management services until the end of 2008 with a possible six months extension thereafter. KS Energy owns AMS through Atlantic Oilfield Services Ltd (AOS).
AOS, a wholly-owned subsidiary, which started the rig management to service Maersk, is responsible for all management functions of the Accommodation Rig including provision of qualified personnel, maintenance, spare parts, class requirements and technical services. The extension of this rig management contract, which will generate revenues of Euro 2.75 million (approximately $4.25 million), will contribute positively to the financial performance of KS Energy in FY2008.
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