Gulf Oil and Gas accountACCOUNT

Amendments to New Build Contract With Cosco Nantong Shipyard Co.

Source: www.gulfoilandgas.com 5/12/2016, Location: Asia

The Board of Directors of KS Energy Limited refers to the announcement dated 26 May 2011, the circular to shareholders dated 16 September 2011 in relation to the New Build Contracts (as defined therein) with COSCO Nantong Shipyard Co., Ltd. (“COSCO Shipyard”), and the announcement dated 10 July 2015.

The Board wishes to announce that the KS Drilling Pte Ltd (“KS Drilling”) has entered into a further amendment agreement dated 5 May 2016 (the “Further Amendment Agreement”) with COSCO Shipyard in relation to the New Build Contract (the “Contract”) for the New Rig with builder’s hull number N408(the “Rig”).In the spirit of partnership between KS Drilling and COSCO Shipyard, and in light of the currently un favourable oil and gas market climate, and pursuant to the Further Amendment Agreement, KS Drilling and COSCO Shipyard have agreed to extend the time for KS Drilling to take delivery of the Rig from 30April 2016 until 31 December 2017, on mutually agreed terms and conditions.

The Further Amendment Agreement is not expected to have any material impact on the net tangible assets and earnings per share of the Company and the Group for the current financial year ending 31 December2016.None of the Directors or substantial shareholders of the Company has any direct or indirect interest in the above transactions, save for their respective interest, through their shareholdings and/or directorships, as the case may be, in the Company.

Rigs >>

Rigs News in Singapore >>

United States >>  11/25/2019 - Valaris plc (VAL) (Valaris) announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded su...
Nigeria >>  11/18/2019 - KCA Deutag (KCAD) announces that its land drilling operation has won new contracts worth approximately $460m in the Middle East, Africa and Europe. ...

Indonesia >>  11/15/2019 - Jack-up drilling rig "HAKURYU-14" currently operating at Mahakam Block, Republic of Indonesia has been awarded a one-year contract extension by PT PER...
United Arab Emirates >>  11/14/2019 - ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced a major rig fleet expansion program to support ADNOC’s upstream ...

Trinidad and Tobago >>  11/13/2019 - Maersk Drilling has entered a contract with BG International Ltd., a subsidiary of Shell, for work offshore Trinidad and Tobago on a two-well developm...
Norway >>  11/11/2019 - Maersk Drilling has secured a one-well contract for the ultra-harsh environment jack-up rig Maersk Interceptor with MOL Norge for exploration drilling...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Singapore Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.