Atlantic Aces $13MM LOI to Acquire Discoverer-II

KS Energy Services Limited has announced that its wholly-owned subsidiary Atlantic Oilfield Services has received a US $13 million Letter of Intent from Thani Tunisia El-Jem B.V. for the supply and management of KS Energy’s 500 HP land rig Discoverer-II for a firm period of one year.

In relation to this LOI, AOS has also received an advance payment of US $412,500 from Thani. The Discoverer-II, a new rig in KS Energy’s fleet, is currently being upgraded in Dubai for mobilization to Tunisia. KS Energy is confident of its ability to secure more contracts as demand for capital equipment and drilling services in the oil and gas industry continues to grow.