KS Energy to Manage Construction of Onshore Rig
KS Energy Services Limited said that it has entered into a contract with a leading American drilling company to provide management services for the construction of a specialized onshore rig at a facility in northwest China. The duration of the project is one year and KS Energy will be paid a project management fee.
The contract is not expected to have a material impact on the KS’ earnings per share for the financial year ending Dec. 31, 2006. None of the directors or substantial shareholders of the company has any interest, directly or indirectly, in the above transaction.
KS Energy, formerly known as KS Tech Ltd., is an energy services group catering to the oil and gas and petrochemical industries around the world. In addition to distributing more than 60,000 oil and gas-related products that encompass more than 140 international brands, the group through a series of acquisitions in the last few years enhanced its expertise in the related services of procurement, distribution, engineering, and offshore chartering to support its customers.
Headquartered in Singapore, the group has subsidiaries and representative offices
in China, Vietnam, Thailand, Qatar, the U.A.E., the U.S., and Malaysia to support its global oil and gas customers.