KS Energy & Pertamina Set Up Joint Venture

SINGAPORE (Yosefardi) – KS Energy Ltd, controlled by Indonesian tycoon Kris Wiluan, plans to establish a joint venture with PT Pertamina Drilling Services Indonesia (PDSI).
The joint venture, according to KS Energy’s disclosure to SGX today, will own and operate drilling rigs in Indonesia.
At the moment, KS Energy and PDSI jointly operate two land rights for a major oil company under a contract worth approximately US$98 million.
They also operate jointly an offshore jack-up rig in the West Madura oilfield under a contract worth US$87.6 million.
“The jointly operated drilling rigs are valued at around US$130 million. The new JV intends to take over the contracts held by the existing joint operations and tender for new contracts in Indonesia,” KS Energy said.