Contract extension for KS Drilling rig in Vietnam

  • Business & Finance

Singapore-based offshore drilling company KS Drilling has won a contract extension for one of its jack-up drilling rigs.

KS Java Star 2 / Image source: KS Drilling
KS Java Star 2 / Image source: KS Drilling

KS Energy, a parent company of KS Drilling, said Tuesday the extension was secured for the 2014-built KS Java Star 2 jack-up drilling rig in Vietnam.

The expected value of the firm contract extension is approximately US$5.6 million. KS Energy did not say what the tenure of the contract extension was.

This is the second extension for the rig in Vietnam following the original contract awarded in December 2018, and the first extension in February.

While KS Drilling did not say who the client for the F&G designed rig was, according to Bassoe Analytics, the rig is currently working in Vietnam for Vietsovpetro at an estimated dayrate of $60,000.

KS Drilling currently owns three jack-up rigs following rescissions of contracts for delivery two newbuild jack-ups with COSCO and ZPMC in June.

Of the three jack-ups, according to Bassoe, only the KS Java Star 2 is currently drilling, however, the drilling company last month won a contract for its KS Medstar-1 offshore drilling rig in Egypt. KS Drilling at the time said the KS Medstar-1 would start the Egypt work in the third quarter of 2019.

Also, Bassoe Analytics shows that the third rig – the Java Star –  is expected to begin a two-month contract in Indonesia in mid-August, with an undisclosed client.

Offshore Energy Today Staff


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