KS Drilling awarded jackup contract, cancels Cosco newbuild

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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