Egypt’s Petrobel, KS Drilling Sign $6m Offshore Contract

Egypt’s Petrobel, KS Drilling Sign $6m Offshore Contract

A unit of KS Drilling has secured a new contract worth $6m with Egypt’s Belayim Petroleum Company (Petrobel) for its jack-up rig to continue offshore drilling in Egypt, parent company KS Energy has announced, as reported by Rigzone. The KS Medstar-1 is a 300-feet cantilever jack-up drilling rig.

According to Business Times, work is scheduled to begin in March 2016 and to continue for approximately 4 months. It is not expected that this new contract will have any material effect on the earnings per share and net tangible assets per share of the company for this year.

KS Drilling is an 80%-owned subsidiary of KS Energy and 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, and oilfield equipment ownership and leasing.


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