KS Energy awarded with drilling contract off Vietnam

KS Energy awarded with drilling contract off Vietnam

KS Java Star 2KS Drilling Operating Company, which is subsidiary of the
offshore supply and services provider KS Energy, was awarded by with
drilling contract for jackup rig KS Java Star 2 off Vietnam. The contract
value was estimated at 11.1 million USD and the work is scheduled to start
in April 2017. The rig is currently ready stacked after completing a
contract in Vietnam for the Russian-Vietnam oil and gas exploration company
VietsovPetro. The new contract is not expected to have any material effect
on the earnings per share and net tangible assets per share of the company
KS Energy for the financial year ending December 31, 2017.

The contract was won by KS Drilling Operating Company, a wholly-owned
subsidiary of KS Drilling, which 80.09%-owned subsidiary of KS Energy and an
investment holding company.

The jackup independent leg cantilever rig KS Java Star 2 (IMO: 8771863) has
rated water depth of 91 ft and rated drilling depth of 9,144 m. The platform
has length of 59.75 m, width of 55.78 m and length length of 125.00 m. The
gross tonnage of the platform is 7555 GRT. The platform is equipped with
drilling equipment of drawworks NOV ADS 10T with power of 3,000 hp, mud
pumps NOV 14-P-220 Triplex and top drive NOV TDS-8SA with hookload capacity
1,500,000 lbs.

The jack-up rig KS Java Star 2 was delivered in April 2014 by Shanghai
Zhenhua Heavy Industries (ZPMC) in China.

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Link to Original Article:
http://www.maritimeherald.com/2017/ks-energy-awarded-with-drilling-contract-
off-vietnam/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com