Offshore staff

SINGAPORE -- KS Energy Services is forming a 75:25 joint venture with Indonesian tubular goods producer PT Citra Tubindo to set up a rig refurbishing yard on Batam island by end of this year.

The aim is to inspect and certify rigs operating in Indonesia, said Indonesian businessman Kris Wiluan, who is the president and CEO of Citra.

Citra has a port facility on Batam, an Indonesian island off Singapore.

Given the high demand for rigs, the new business were expected to refurbish five rigs a month, according to KS Energy managing director Chew Thiam Keng.

Meanwhile, KS Energy unit, Aqua-Terra Supply said it would be taking up 28.4% stake in Singapore-based SSH Corp. as a strategic alliance to supply parts to the new Batam rig refurbishing business of its parent group. Wiluan has part stake in SSH.

8/29/06