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KS Energy unit wins US$5 mil drilling rig extension contract

Stanislaus Jude Chan Published on Fri, Apr 06, 2018 / 5:50 PM GMT+8

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SINGAPORE (Apr 6): KS Energy’s PT Petro Papua Energi has been awarded a US$5 million ($6.6 million) extension contract for the KS Discoverer 6 land drilling rig in Indonesia.

The work is expected to commence in 2Q18, and be completed within eight months.

KS Energy says the contract 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, 2018.