KS Energy and China's ZPMC Amends Contract for a Newbuild Jackup
Singapore-listed KS Energy Ltd. announced Tuesday that KS Rig Invest Five Ltd. (KSRI-5), a unit of the firm's subsidiary KS Drilling Pte Ltd., and China's Shanghai Zhenhua Heavy Industry Co., Ltd. (ZPMC) have signed an agreement June 2 to amend the contract signed in June 2014 for the construction of a Friede & Goldman JU-2000E design jackup.
Under the amended agreement, KS Drilling shall be entitled, at any time following technical acceptance and prior to Dec. 31, 2018, to take delivery of the jackup.
"In consideration of this deferral, KSRI-5 agreed that liquidated damages associated with the Contract will only be applicable in the event KSRI-5 has entered into an effective drilling contract for the Rig on or after July 31, 2017 and ZPMC is unable to meet the requested delivery date," KS Energy said in the press release.
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