KS Energy gets US$3m contract extension for jack-up rig

SINGAPORE - Oilfield supply and services provider KS Energy said on Thursday (Jan 18) that its KS Java Star 2 jack-up drilling rig has been awarded a contract extension to the value of US$3 million.

The original US$11.1 million contract, announced in April last year, was won by KS Drilling Operating Company, a wholly-owned subsidiary of KS Energy's 80 per cent subsidiary, KS Drilling.

The contract extension is not expected to have any material effect on the earnings per share and net tangible assets per share of the company for the financial year ending Dec 31, said KS Energy.

The work by the KS Java Star 2 rig in Vietnam is expected to start in April 2017, the company said in the April statement.

Mainboard-listed KS Energy has been under SGX's watch list since June last year for not meeting the revised minimum trading price rule. The counter last traded at 3 Singapore cents