KS Energy wins fresh contract extension for rig in Vietnam

MAINBOARD-LISTED oilfield supply and services provider KS Energy has won another contract extension worth about US$6.1 million for its KS Java Star 2 jack-up drilling rig.

The deal is not expected to have any material effect on the company's earnings and net tangible assets per share for the year to Dec 31, the board added in its bourse filing on Thursday. The group most recently announced an extension for KS Java Star 2, worth US$5.6 million, in July 2019. KS Energy's 80.09 per cent-owned subsidiary KS Drilling had first announced its contract to deploy the rig for a project in Vietnam in December 2018.

Watch-listed KS Energy, which saw a net loss of S$66.3 million for the nine months to Sept 30, lost 0.4 Singapore cent or 21.1 per cent to S$0.015 before the announcement.

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