KS Energy Secures Contract for Java Star Jack-Up Rig (Indonesia)

Singapore’s KS Energy has announced that it will, together with its Joint Operation partner Pertamina Drilling Services Indonesia, deploy the KS Java Star jack-up drilling rig to Indonesia’s West Madura oilfield located offshore of Java, for drilling operations.

“The Group continues to see large potential in the Indonesian oil and gas market due to its abundant exploration and drilling opportunities,” KS Energy said in a press release.

The total value of the 1 year contract plus 1 year option is US$87.6 million (S$109 million) (assuming the 1 year option is exercised) and the operation is expected to start in the 4th quarter of 2012.

The Joint Operation will provide exploration and development drilling and/or work-over drilling services with one cantilever type jack-up drilling rig capable of operating in water depths of up to 300 feet and drilling to depths of 15,000 feet.

[mappress]
Press Release, August 28, 2012