KS Drilling's Subsidiary Secures $58M Rig Contract from Vietsovpetro
Singapore-listed KS Energy Limited (KS Energy or the Company) disclosed that a wholly-owned subsidiary of KS Drilling Pte. Ltd. (KS Drilling), has secured a contract for the provision of a new 300 feet drilling rig in Vietnam for Vietsovpetro.
The contract is for a period of one year with an option to extend for an additional one year and is due to commence in the second quarter of the financial year ending Dec. 31 (FY2014). The total value of the contract, excluding the potential extension, is approximately $58 million.
The contract is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for FY2014.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction, other than other than through their respective shareholdings in the Company or which has been previously disclosed.
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 drilling services, rig management and support services, oilfield equipment ownership and leasing.
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