KS Energy unit bags US$6m contract to continue drilling in Egypt

A UNIT of KS Drilling has inked a new US$6 million contract with Egypt's Belayim Petroleum Company, also known as Petrobel, for its jack-up rig to continue drilling in Egypt, parent company KS Energy said on Tuesday.

The "KS Medstar-1", a 300-feet cantilever jack-up drilling rig, is expected to start work in March 2016 and continue for about four months, KS Energy said in a Singapore Exchange filing.

KS Drilling is an 80 per cent-owned subsidiary of KS Energy.

The new contract is not expected to have any material effect on KS Energy's earnings per share and net tangible assets per share for the financial year ending Dec 31, 2016, KS Energy said.

KS Energy shares were not traded on Tuesday. They last closed S$0.019 lower at S$0.167 on Monday.