KS Energy Buys Jack-Up Rig (Singapore)

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Singapore’s KS Energy Limited last week announced that it had acquired a jack up drilling rig for a total consideration of US$38.5 million.

The jack up drilling rig is of Friede and Goldman design and is capable of drilling in up to 300 feet water depth. The jack up drilling rig has been renamed the “KS JAVA STAR”.

The consideration was derived on a “wilIing buyer willingseller” basis.

KS Energy Limited an energy services provider to the global oil and gas, marine and petrochemical industries. The shares of KS Energy are traded on the main board of the Singapore Exchange.

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Press Release, July 3, 2012