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
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