SINGAPORE (Yosefardi) – KS Drilling Pte Ltd, subsidiary of KS Energy Ltd, has entered into an agreement for the supply and construction of a jack-up drilling rig for a total consideration of US$165.5 million.
“The jack-up drilling rig is capable of drilling in up to 300 feet water depth. The delivery of the Rig is expected to be in Q1 2014. The transaction will be funded by a combination of internal resources and borrowings,” KS Energy said in a disclosure to Singapore Exchange today.
KS Drilling, an 80%-owned subsidiary of KS Energy, is an investment holding company while the main activities of its subsidiaries are provision of drilling services, rig management and support services, oilfield equipment ownership and leasing.
Indonesian tycoon Kris Taenar Wiluan is substantial shareholder of KS Energy.