SINGAPORE: Oilfield supply and services provider, KS Energy, said it has secured a drilling contract with an international oilfield operator to supply a land rig in Tunisia.

The drilling contract, worth about US$30 million, is for a firm period of one year with options to renew for two six-month periods.

Together with three previously announced contracts, the land rig will generate revenue totalling some US$103 million.

The latest deal is the second contract that KS Energy has secured in Tunisia this year, in line with its strategy to expand into the Maghreb area.

KS Energy has been expanding its fleet of land rigs, while divesting its non-core assets.

Chairman and CEO Kris Wiluan said when the divestments are completed, they will bring an additional US$40 million to the company.


- CNA/so