SINGAPORE (Dec 19): KS Energy has been awarded a contract extension worth US$6.1 million ($8.3 million) for the KS Java Star 2 jack-up drilling rig, the company announced Thursday.
A subsidiary of the group’s 80.09%-owned subsidiary KS Drilling was awarded the initial US$2.6 million contract in December last year.
KS Energy says the contract extension is not expected to have any material effect on its earnings per share and net tangible assets per share for the financial year ending Dec 31, 2019.
Shares in KS Energy plunged 21.1%, or down 0.4 cent, to close at 1.5 cents on Thursday, before the announcement.
