KS Energy Services has entered an agreement to acquire the Sneferu jackup from Egyptian Drilling for US $108.1 million.
EDC was formed as a joint venture between the Egyptian General Petroleum Corporation and the A.P. Moller – Maersk Group of Denmark. It is an international drilling company incorporated in the Arab Republic of Egypt.
The Rig is currently operating at the Baltim North Platform in the Mediterranean Sea, offshore Egypt.
This acquisition will further strengthen the existing fleet of offshore rigs and vessels. This rig also provides KS Energy with opportunities to offer integrated drilling services to oil companies through its recently acquired subsidiary, Atlantic Oilfield Services Ltd.
The rig is expected to be delivered by the first quarter of 2008.
The abovementioned transaction will be funded by a combination of internal resources and borrowings.