AsiaGreater China
KS Drilling cancels jackup rig at ZPMC
Singapore’s KS Drilling, part of KS Energy, and China’s ZPMC have mutually agreed to terminate the newbuild contract for jackup rig KS Java Star 3 with immediate effect.
The termination agreement was reached following discussions between the two companies, and KS Drilling will write-off the $12.6m already invested in the project.
The jackup rig was originally ordered in 2014.