ITOCHU to Invest 20% Equity Interest in KS Drilling

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Thursday, 24 February 2011 10:36

Theindonesiatoday.com - KS Energy Services Limited announced today that ITOCHU Corporation of Japan proposes to invest approximately 20% equity interest in its wholly-owned drilling subsidiary – KS Drilling Pte Ltd.

The company said this investment is subject to the approval of the regulatory bodies in SINGAPORE, the shareholders of KS Energy and the execution of the Definitive Agreements. Presently, all the shares of KS Drilling are owned by KS Energy. Upon completion, this investment will be satisfied by newly issued shares of KS Drilling.

KS Drilling, the drilling and capital equipment arm of KS Energy, owns charters, manages and operates drilling rigs for oil majors around the world. Headquartered in Singapore, KS Drilling has operations in Indonesia, China, Egypt, Nigeria, Tunisia, Kurdistan, Pakistan, Holland and
the USA.

Corresponding to the nature of its business, KS Drilling’s operations are supported by a multinational workforce of more than 500 staff comprising professionals and engineers with a depth of experience from the global oil and gas industry.

KS Drilling’s fleet of capital equipment comprises jack-up rigs and land rigs. Additionally there are two more land rigs under construction for deployment in Indonesia.

The company has the health and safety accreditations to enable it to operate globally including in the North Sea – reputed as a challenging area for drilling activities in the oil and gas industry.

ITOCHU’s entry into KS Drilling is complementary and timely. With the recent rise in global energy prices, drilling activities that have been languishing over the last twelve months will likely pick up this year.

Furthermore, ITOCHU, one of Japan’s conglomerates is also invested in the renewable energy industry. It will be able to lend its resources and experience to KS Drilling to expand its capabilities into the renewable energy sector.

ITOCHU is involved in comprehensive business activities ranging from large scale projects for oil, gas and power to social infrastructure such as railways and bridges.

Among such business areas, the upstream sector of oil and gas, which includes drilling services and production facilities, is one of ITOCHU's targeted areas, in the coming years, for further development of its portfolio and assets. (Theindonesiatoday.com)

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