KS Distribution Pte Ltd

KS Energy nets $12m China rig deal

Singapore’s KS Energy has secured a $12 million deal to supply equipment for two jack-up rig newbuilds ordered at a mystery Chinese yard.

The Singapore-listed company’s 55%-owned subsidiary KS Distribution has inked the SGD 15 million ($11.9 million) deal, KS Energy said on Friday.

The contract covers the provision of “major capital equipment” and “ancillary services” for the rig duo, KS said.

Delivery is set for the first and second quarters of the 2013 financial year.

Although KS did not identify the yard concerned, it described it as an “established shipyard”.

Source: Upstream (The International Oil & Gas Newspaper) 

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