KS Drilling Operating Company, which is subsidiary of the offshore supply and services provider KS Energy, was awarded by with drilling contract for jackup rig KS Java Star 2 off Vietnam. The contract value was estimated at 11.1 million USD and the work is scheduled to start in April 2017. The rig is currently ready stacked after completing a contract in Vietnam for the Russian-Vietnam oil and gas exploration company VietsovPetro. The new contract is not expected to have any material effect on the earnings per share and net tangible assets per share of the company KS Energy for the financial year ending December 31, 2017.
The contract was won by KS Drilling Operating Company, a wholly-owned subsidiary of KS Drilling, which 80.09%-owned subsidiary of KS Energy and an investment holding company.
The jackup independent leg cantilever rig KS Java Star 2 (IMO: 8771863) has rated water depth of 91 ft and rated drilling depth of 9,144 m. The platform has length of 59.75 m, width of 55.78 m and length length of 125.00 m. The gross tonnage of the platform is 7555 GRT. The platform is equipped with drilling equipment of drawworks NOV ADS 10T with power of 3,000 hp, mud pumps NOV 14-P-220 Triplex and top drive NOV TDS-8SA with hookload capacity 1,500,000 lbs.
The jack-up rig KS Java Star 2 was delivered in April 2014 by Shanghai Zhenhua Heavy Industries (ZPMC) in China.