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KS Energy Awarded Us$5.6M Contract Extension in Vietnam

Source: www.gulfoilandgas.com 7/16/2019, Location: Asia

The Board of Directors of KS Energy Limited and together with its subsidiaries, the “Group”) refers to the announcements dated 21 December 2018 and 22 February 2019 in relation to a contract awarded for the KS Java Star 2 jack-up drilling rig (the “Previous Announcements”).

Further to the Previous Announcements, the Directors wish to announce that a contract extension has been awarded. The expected value of the firm contract extension is approximately US$5.6 million.

The contract extension 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 2019.

None of the Directors or Substantial Shareholders of the Company has any direct or indirect interest in the aforesaid transaction, other than for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company.

KS Drilling, an 80.09%-owned subsidiary of the Company, is an investment holding company. The main activities of its subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing

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