KS Energy, Pertamina to Provide Development Drilling Rig Services in Indonesia

KS Energy Limited announces that one of its drilling related subsidiaries, together with its consortium partner, PT Pertamina Drilling Services Indonesia, has been awarded a contract, by a major oil company operating in Indonesia, to provide development drilling rig services worth approximately USD 98 million.

The formal contract will be signed between all the parties concerned in due course.

The contract term is estimated to be forty two (42) months from commencement of drilling operations, which is expected to start early 3Q next year.

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Source: KS Energy, July 14, 2011;