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KS Drilling subsidiary PT Atlantic Oilfield Services has secured a new US$17.4 million drilling contract to work in Indonesia, parent company KS Energy announced on Friday.
Work is expected to commence in January 2017 and take 14 months to complete.
Investment holding company KS Drilling is an 80 per cent-owned subsidiary of KS Energy.
The new contract is not expected to have any material effect on the earnings per share and net tangible assets per share of the company for the financial year ending Dec 31, 2016, KS Energy said in a Singapore Exchange filing.
KS Energy's shares closed 1.2 Singapore cents lower at 8.6 Singapore cents on Friday.