The Board of Directors of KS Energy Services Limited regrets to announce the loss of its jackup liftboat Titan-1 en-route from Pascagoula (Miss, USA) to Liverpool (UK), loaded aboard the semisubmersible heavy lift vessel M/V Ancora.
The Titan-1 is fully insured by the Company's insurance group and KSE does not expect any material impact on the financial results of the Company for the financial year ending December 31, 2008.
The Titan-1 was in process of being mobilized to the North Sea to execute a 817 days' contract for a major Operator for installation, servicing and maintenance work of wind turbines, offshore Denmark and the UK. KSE, through its wholly-owned subsidiary Atlantic Oilfield Services, are in discussions with the Operator to substitute the Titan-1 with another identical sister-ship for the execution of the contract.
During the night from October 26 to 27, 2008, the heavylift vessel M/V Ancora encountered main engine problems in the middle of the Atlantic Ocean. As a consequence of the vessel's rolling and tilting motion, the Titan-1 shifted to portside, capsized and was lost at sea.
No injuries or casualties have been reported to any of the crew.
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