Rig: KS Orient Star 2

Name KS Orient Star 2
Owner KS Drilling Pte Ltd
Manager KS Drilling Pte Ltd
Rig Type Jackup
Sub Type Independent Leg Cantilever
Jackup Type High-Specification
Max Water Depth (ft) 400
Max Drill Depth (ft) 35000
Dimensions (ft) 228 x 220 x 26
Leg Length (ft) 536
Competitive Yes

Current Location

Country China (PRC)
Region East Asia

Drilling Equipment

Drawworks Type National Oilwell Varco ADS 10Q
Drawworks HP 4600
Mud Pumps Type National Oilwell Varco 14-P-220 Triplex
Top Drive National Oilwell Varco TDS-1000A
Hookload Capacity (lbs) 2000000

Rig Construction Details

Rig Design LeTourneau
Rig Model Workhorse
Year Built 2019
Country of Build China (PRC)
Yard Name COSCO (Nantong) Shipyard
Group Yard Name COSCO Shipyard Group Co., Ltd. (COSCO)

Rig Contract Details

Operating Status Cancelled
Operator

News

14 Jul 2017

Further Delay for New Build Jackup

KS Energy and COSCO Nantong shipyard have agreed to further delay the delivery of the new build jackup rig, the KS Orient Star 2 (hull no. N408). Following an earlier delay the rig was scheduled to be delivered on 31 December 2017. However, the latest agreement has postponed delivery by a further two years to 31 December 2019.

12 May 2016

Delivery Delay for the KS Orient Star 2

The Board of Directors (the “Board”) of KS Energy Limited (the “Company”, and together with its subsidiaries, the “Group”) refers to the announcement dated 26 May 2011, the circular to shareholders dated 16 September 2011 in relation to the New Build Contracts (as defined therein) with COSCO Nantong Shipyard Co., Ltd. (“COSCO Shipyard”), and the announcement dated 10 July 2015. The Board wishes to announce that the KS Drilling Pte Ltd (“KS Drilling”) has entered into a further amendment agreement dated 5 May 2016 (the “Further Amendment Agreement”) with COSCO Shipyard in relation to the New Build Contract (the “Contract”) for the New Rig with builder’s hull number N408 (the “Rig”). In the spirit of partnership between KS Drilling and COSCO Shipyard, and in light of the currently unfavourable oil and gas market climate, and pursuant to the Further Amendment Agreement, KS Drilling and COSCO Shipyard have agreed to extend the time for KS Drilling to take delivery of the Rig from 30 April 2016 until 31 December 2017, on mutually agreed terms and conditions. The Further Amendment Agreement is not expected to have any material impact on the net tangible assets and earnings per share of the Company and the Group for the current financial year ending 31 December 2016. None of the Directors or substantial shareholders of the Company has any direct or indirect interest in the above transactions, save for their respective interest, through their shareholdings and/or directorships, as the case may be, in the Company.

13 Jul 2015

KS Drilling delay delivery of newbuild jackup

KS Energy Limited (“KS Energy”) has announced that one of the company’s subsidiaries KS Drilling has reached an agreement with COSCO shipyard to delay the delivery of a newbuild jackup rig. The unit in question is hull number 408 (KS Orient Star 2), which was ordered from the shipyard in 2011. The unit was originally scheduled to be delivered in Q1 2014, and was then reported to have been delivered in January 2015; however, KS Drilling has now pushed this back until 30th April 2016. Under the terms of the new agreement KS Drilling are entitled to take delivery of the rig at any time prior to the 30th April 2016, so long as COSCO shipyard receives full payment five working days in advance. KS Drilling and COSCO shipyard have also, mutually agreed that: in the event that either party receives an offer from a third party under which both parties could recover their respective costs, either party shall be entitled to sell the rig.

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