Key Developments: KS Energy Ltd (KSTL.SI)
0.41SGD
23 May 2013
$-0.02 (-4.65%)
$0.43
$0.43
$0.43
$0.41
2,044,000
1,018,459
$0.87
$0.41
Latest Key Developments (Source: Significant Developments)
KS Energy Ltd's KS Drilling Pte. Ltd. Enters Into Agreements With PEMEX Exploración Y Producción And EPNP, S.A. de C.V.
KS Energy Ltd announced that its subsidiary, KS Drilling Pte. Ltd. (KSDR), has entered into agreements with PEMEX Exploración Y Producción (PEMEX) and EPNP, S.A. de C.V. (EPNP), to operate two jack-up rigs capable of operating in water depth of 300 feet and having a minimum drilling capacity of 25,000 feet (the Platforms), for a lease term in respect of each Platform of 1,311 and 1,251 calendar days respectively. KSDR shall provide the management system required for the operation and preventative maintenance and repair for the Platforms. The parties are in the midst of finalising the details for the delivery of the Platforms and the management agreements. Full Article
KS Energy Ltd Does Not Recommend Dividend
KS Energy Ltd announced that no dividend has been declared or recommended for the period ending as on June 30, 2012. Full Article
KS Energy Ltd Announces Indirect Subsidiary Incorporates New Company
KS Energy Ltd announced that that its 82% owned indirect subsidiary, Globaltech Systems Engineering Pte Ltd has incorporated a company, PT Globaltech Systems Engineering(PT GSE) jointly with PT Citra Agramasinti Nusantara. PT GSE is incorporated in the Republic of Indonesia with an initial issued and paid up share capital of USD250,000 divided into 250,000 shares at USD1.00 per share. GSE and PT CAIN had subscribed for 237,500 (95%) and 12,500 (5%) shares respectively in the initial issued and paid up capital of PT GSE at a subscription price of USD1.00 per share. With the subscription, PT GSE became a 95% subsidiary of GSE. By Virtue of Mr. Kris Taenar Wiluan, the Chairman & CEO and Director of the Company, being interested in 60% of the shareholding of PT CAIN, the Transaction is therefore deemed to be an Interested Person Transaction in accordance with Rule 904 of the Listing Manual of the Singapore Exchange Securities Trading Limited. Full Article
KS Energy Ltd's Subsidiary Announces Acquisition Of Jack-Up Drilling Rig
KS Energy Ltd announced that its subsidiary, KS Drilling Pte. Ltd (KSDR) has acquired a jack-up drilling rig for a total consideration of USD38.5 million (approximately SGD48.9 million) The jack-up drilling rig is of Friede and Goldman design and is capable of drilling in up to 300 feet water depth. The jack-up drilling rig has been renamed the KS Java Star. Full Article
KS Energy Ltd Does Not Declare Dividend
KS Energy Ltd announced that no dividend declared for the period ended March 31, 2012. Full Article
KS Energy Ltd's Secures SGD15 Million Contract To Supply Rig Equipment For Construction Of Two Jack-up Rigs In China
KS Energy Ltd announced that its subsidiary, KS Distribution Pte. Ltd. (KSD) has secured two project contracts with an established shipyard from China to supply major capital equipment, plus ancillary services, worth approximately SGD15 million in total for the construction of two jack-up rigs. KS Distribution Pte Ltd, is a 55% subsidiary of the Company. Under the terms of the contracts, KSD is to provide integrated procurement and project management services to the shipyard from China which is constructing two jack-up rigs. Delivery under the contracts is expected to be early 1st quarter of FY2013 and in the second quarter of FY2013 respectively. Full Article
KS Energy Ltd Announces Voluntary Liquidation Of Dormant Joint Venture Company - Global Oilfield Services Pte Ltd
KS Energy Ltd announced that its 50% Joint Venture Company – Global Oilfield Services Pte Ltd (Global Oilfield) has been put into voluntary liquidation as it had remained dormant for some time and its two shareholders do not envisage it recommencing any business activity. The process of voluntary liquidation of Global Oilfield will take a few weeks to complete. Full Article
KS Energy Ltd Announces Members’ Voluntary Liquidation Of Subsidiary
KS Energy Ltd announced that its wholly owned subsidiary S & E Tech Pte. Ltd. (S&E) has been put into voluntary liquidation. S&E is dormant and the voluntary liquidation is not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending December 31, 2011. Full Article
KS Energy Ltd's Subsidiary Incorporates PT. Atlantic Oilfield Services Jointly With PT Citra Agramasinti Nusantara
KS Energy Ltd announced that its 80% owned subsidiary, KS Drilling Pte Ltd (“KSDR”) has incorporated a company, PT. Atlantic Oilfield Services (“PT AOS”) jointly with PT Citra Agramasinti Nusantara (“PT CAIN”)(Transaction). PT AOS is incorporated in the Republic of Indonesia with an initial issued and paid up share capital of USD1,000,000 divided into 1,000,000 shares at USD1.00 per share. KSDR and PT CAIN had subscribed for 900,000 (90%) and 100,000 (10%) shares respectively in the initial issued and paid up capital of PT AOS at a subscription price of USD1.00 per share. With the subscription in PT AOS by KSDR, PTAOS became a 90% subsidiary of KSDR. The principal activity of PT AOS is the provision of support services to the oil and natural gas industry. Full Article
KS Energy Ltd Announces Deregistration Of Wholly Owned Subsidiary
KS Energy Ltd announced the deregistration of wholly-owned subsidiary KS Discovery Ltd (KSDL). KSDL was incorporated in the British Virgin Islands with an issued and paid-up share capital of USD2 divided into two shares at USD1 per share. KSDL is an investment holding company and it has been dormant since incorporation. The deregistration of the KSDL is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending December 31, 2011. Full Article
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