KS Energy to Acquire the Sneferu from Egyptian Drilling

KS Energy Services has entered an agreement to acquire the Sneferu jackup from Egyptian Drilling for US $108.1 million.

EDC was formed as a joint venture between the Egyptian General Petroleum Corporation and the A.P. Moller – Maersk Group of Denmark. It is an international drilling company incorporated in the Arab Republic of Egypt.

The Rig is currently operating at the Baltim North Platform in the Mediterranean Sea, offshore Egypt.

This acquisition will further strengthen the existing fleet of offshore rigs and vessels. This rig also provides KS Energy with opportunities to offer integrated drilling services to oil companies through its recently acquired subsidiary, Atlantic Oilfield Services Ltd.

The rig is expected to be delivered by the first quarter of 2008.

The abovementioned transaction will be funded by a combination of internal resources and borrowings.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.