KS Energy Limited has informed that its subsidiary KS Drilling Pte. Ltd. together with its Joint Operation partner, Pertamina Drilling Services Indonesia, has been notified of the exercise of 1 year option on their current contract for the “KS Java Star” jack- up drilling rig.
By this exercise of the 1 year contract extension, the rig is expected to continue drilling in the West Madura Oilfield offshore Java until January 2015. The total value of this contract extension is approximately US$41 million. KS Drilling, an 80%-owned subsidiar)’ of KS Energy, is an investment holding company while the main activities of its subsidiaries are in the provision of drilling services, rig management and support services, oilfield equipment ownership and leasing.
[mappress] November 18, 2013