KS Energy inked $208.2m jack-up drilling rig order

Delivery is expected in Q114.

In a release, KS Energy Limited announced that KS Drilling Pte 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 (approximately S$208.2 million) (the “Transaction”).

The jack-up drilling rig is capable of drilling in up to 300 feet water depth (the “Rig”). 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.

The acquisition 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 31 December 2013.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction, saved for their shareholdings in KS Energy. 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.

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