KS Energy has received a contract extension for its jack-up drilling rig in Egypt.
Atlantic Marine Services Egypt S.A.E, a subsidiary of KS Drilling, has received confirmation from Belayim Petroleum Company of the extension of their contract for the charter of “KS Medstar-I”, the Group’s 300-feet cantilever jack-up drilling rig, for another one year firm plus one year optional, with effect from 15 May 2014.
This extension is subject to the approval of the Egyptian General Petroleum Corporation.
The expected value of the firm one year extension of contract is approximately US$40.9 million.