Singapore’s KS Energy Limited has announced that a subsidiary of KS Drilling Pte Ltd, KS Rig Invest Three Ltd., has entered into a sale and purchase agreement for the sale of the rights and obligation under the construction contract for the KS Orient Star 1 rig for a cash consideration of US$ 84.88 million (S$106.10 million).
The Rig is sold on an “as-is, where-is” basis. The consideration to be received by KS Rig Invest Three Ltd. represents an excess of approximately US$45.24 million (S$56.55 million) over the aggregate book value of the Rig which was US$39.64 million (S$49.55 million) as at 31 March 2014.
KS Drilling, an 80%-owned subsidiary of the KS Energy, is an investment holding company. The main activities of its subsidiaries are in the provision of onshore and offshore drilling services, rig management and support services, oilfield equipment ownership and leasing.