KS Drilling delays jack-up rig delivery

Singapore’s driller KS Drilling has deferred a newbuild jack-up drilling rig delivery citing challenging drilling market conditions.

The company on Thursday said that delivery of the rig, named KS Orient Star 2, built by Cosco Nantong in China, would be delayed from April 30, 2016 until December 31, 2017.

This is not the first time the delivery has been delayed. In July last year, when the rig was ready for delivery, the two companies agreed to delay the delivery till April 30, and also included an option to sell the rig to a third party if an attractive offer comes their way.

KS Drilling ordered the rig back in May 2011. The rig is, of the LeTourneau Workhorse design, is capable operating in water depth of up to 400 feet water depth and has rated drilling depth of 35,000 feet.

Offshore Energy Today staff