Singapore: Hot on the heels of Keppel’s announcement of a new yard in Mexico, mainboard listed KS Energy has made a move into the Central American nation with the signing of a Memorandum of Agreement (MOA) with one of Mexico’s top conglomerates, Empresas ICA, (ICA).
Under the terms of the MOA, a limited liability company will be established to be jointly owned by ICA and KS Drilling, an 80% owned subsidiary of KS Energy. The jointly controlled entity will provide drilling services and heavy capital equipment for the offshore oil and gas exploration market in Mexico. By 2014, the JCE is expected to initially require two new high specification jack-up drilling rigs valued at approximately $240m each.
“This is only the start for our joint venture entity and a new milestone for KS Drilling,” said Kris Wiluan, executive chairman and ceo of KS Energy, “and we are confident that there are many more opportunities where, together with ICA, we can offer our drilling capabilities to the oil and gas industry in Mexico.” [07/10/13]