KS Energy secures $130 million charter

KS Energy Services Ltd. has secured a three-year , $130-million drilling contract for the charter hire of a jackup rig.

Offshore staff

SINGAPORE -- KS Energy Services Ltd. has secured a three-year , $130-million drilling contract for the charter hire of a jackup rig.

The contractKS MedStar-1, a 300-ft (91-m) cantilever drilling jackup rig. The KS MedStar-1 will serve drilling activities in the Mediterranean Sea for a firm contract period of three years plus a renewal option for one year. If the renewal option for one year is exercised, the value of the contract will be increased to $175.2 million.

03/27/2008

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