KS Energy Lands $37 Million Contract in Middle East

Mainboard-listed KS Energy Services Limited has secured a US$37 million contract for the supply and management of the Discoverer-1, a 1,500 hp land rig in the Middle East.

Atlantic Oilfield Services, the wholly owned subsidiary of KS Energy, will be the operator for this contract. Operations under this contract will commence in the second quarter of 2008.

The duration of the contract is for a period of 3 years, comprising a 2-year firm contract plus a 1-year renewal option.

Commenting on the contract today, Mr. Kris Wiluan – Chairman and CEO of KS Energy said, "by combining the capabilities of both KS Energy and AOS, we are able to make inroads into major oil companies by providing them with an integrated suite of services ranging from capital equipment charter to drilling management. Furthermore, our international accreditation and high HSE standards have strategically placed us in an optimal position to serve a broader base of customers globally."