Singapore’s KS Drilling has been awarded a contracts for one of its jackup rigs, while also announcing the termination of a contract with Cosco for a jackup rig ordered in 2011.
KS Drilling Egypt has been awarded a $2.5m contract for jackup rig KS Medstar 1 for work in Egypt commencing in the third quarter of 2019.
The company also announced that it has come to an agreement with Cosco Shipyard to terminate the newbuild contract for jackup KS Orient Star 2.
KS Drilling ordered two jackups with Cosco in 2011, and took deliver of the first in 2014. The termination sees the company write of $26.8m related to the costs of construction, net of provisions.