KS Energy Loses Drilling Contract for KS Java Star
Singapore's KS Energy Limited (the Company and together with its subsidiaries, the Group) referred Tuesday to the announcement dated March 6 in relation to the award of a contract for the jackup KS Java Star (300' ILC) with an expected value of approximately $7.2 million.
The Company wishes to inform that following various meetings with the client, and their request for deferring the start date of the contract, the client decided to terminate the contract as parties were unable to agree on a new start date.
The termination of 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 the financial year ending Dec. 31.
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.
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