KS Energy to set up joint venture with Mexican conglomerate
Singapore-listed oilfield supply and services provider KS Energy is tying up with Mexican conglomerate Empresas ICA to set up a joint venture, which will provide drilling services and heavy capital equipment for Mexico's offshore oil and gas exploration market.
The two firms signed a Memorandum of Agreement to establish the venture, KS Energy said in a statement on Monday.
The joint venture entity will be jointly owned by ICA and KS Drilling, an 80 per cent-owned subsidiary of KS Energy.
The venture is expected to initially require two new high specification jack-up drilling rigs valued at about US$240 million (S$299 million) each, KS Energy said.