KS Drilling Orders Jack-Up Drilling Rig in China

China’s Shanghai Zhenhua Heavy Industries Co., Ltd (ZPMC) has signed an offshore drilling rig construction contract with KS Drilling, a subsidiary of KS Energy from Singapore.

Under the agreement, signed on Saturday, August 24, ZPMC will build a Friede & Goldman design Super M2 jack-up drilling rig for its Singapore-based client.

The rig, valued at approximately $165.5 million, is expected to be delivered in 2014.

The rig will be able to operate in water depth of up to 300 ft (91.4 m), and will have a maximum drilling depth capacity of 30.000 ft (9,144 m).

KS eyeing work in Indonesia

Furthermore, KS Energy yesterday announced it would  set up a new joint venture company, with KS Energy and PT Pertamina Drilling Services Indonesia company to own and operate drilling rigs in Indonesia.

“Indonesia is stepping up efforts to increase its oil and gas production in the country. To support its drilling operations, it is expected to need many more offshore jack-up drilling rigs over the next few years. On this front, KS Drilling Pte Ltd (“KSDR”), an 80% owned subsidiary of KS Energy, is working closely with PDSI to firm their relationship through the establishment of a new joint venture company through its Indonesian incorporated subsidiary PT Atlantic Oilfield Services,” said KS Energy in a statement.

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Offshore Energy Today Staff, August 27, 2013