KS Energy lands another jack-up extension

Singapore’s KS Energy has been awarded a contract extension for one of its jack-up drilling rigs for operations offshore Vietnam. 

KS Java Star 2 / Image source: KS Drilling

KS Energy said on Thursday that the extension was awarded to the 2014-built KS Java Star 2 jack-up drilling rig.

The expected value of the firm contract extension is approximately $6.1 million.

This is the third extension for the KS Java Star 2 rig following a contract award in December 2018.

The first extension was awarded in February 2019, the second one in July, and now the third one.

While the rig owner has not revealed the identity of the client, according to Bassoe Offshore, the rig is currently working in Vietnam for Vietsovpetro.

Bassoe’s dayrate estimate for the rig’s contract in the period from March 2019 until January 2020 is $60,000. For the period from January until April 2020, Bassoe’s dayrate estimate is $62,000.

Offshore Energy Today Staff

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