SINGAPORE -- KS Energy Ltd., through a special purpose vehicle called Sphinx Frontier Ltd., has made an $80-million acquisition of Dubai-based Atlantic Oilfield Services, including a jackup accommodation rig operating in the North Sea.
In addition t the operating rig, AOS has three ongoing management contracts for two jackup units and an onshore drilling commitment in Kurdistan.
AOS earnings from the four contracts will amount to $68 million through the 2009 contract period, says Kris Wiluan, KS Energy chairman and CEO.
The management contracts include:
Some of these contracts are also negotiable for extension.
KS Energy has signed a two-year contract with AOS president John O'Leary and seven other top executives as part of its global expansion. The AOS acquisition puts KS Energy in all major oil and gas producing regions around the world, the company says.
According to O'Leary, KS Energy will continue acquisition of assets including newbuilds. The company's short-term focus is to concentrate on onshore and shallow-water projects while long-term focus would be to work on deepwater projects, O'Leary says.