KS Energy Enters into the Wind Power Sector in the North Sea
Thursday, Sep 18, 2008
SINGAPORE, 18 September 2008 – Main board listed KS Energy Services Limited (“KS Energy” or the “Group”) is pleased to announce that it has secured a firm time charter contract for the newly constructed lift boat, KS Titan 1, for offshore wind power operations in the North Sea.
The KS Titan 1, owned by Casadilla Group Pte Ltd, a joint venture company between KS Energy Services Limited and Ezra Holdings Limited, will be chartered to Siemens Wind
Power A/S for a firm period of 817 days commencing from 5 October 2008 until 31 December 2010, with renewal options extending to 2022. The lift boat will be utilised for
offshore operations in the UK and Denmark for the installation of wind turbines as well as servicing and maintenance work. The contract value for the 817-days contract is US$ 43.9 million (S$63.0 million) plus substantial performance incentives.
Commenting on KS Energy’s entry into wind power sector, Mr. Kris Wiluan, Chairman and CEO said: “We are very excited at the prospects of participating in the alternative energy sector. Wind power is one of the proven sources of energy and as the world moves rapidly to explore and develop alternative energy sources KS Energy is ready to support our customers’ move into these new energy sectors.”
The KS Titan1 will be managed by Atlantic Oilfield Services (“AOS”), a wholly-owned subsidiary of KS Energy. With the KS Titan1, AOS will now be managing two rigs and a lift boat in the North Sea from its offices in Amsterdam and Esbjerg. The two other rigs that are being managed by AOS in the North Sea are accommodation jack-up rigs ‘Atlantic Rotterdam’ and ‘Safe Esbjerg’, both operating for Maersk Oil offshore Denmark.
The Titan design self-propelled lift boats are ideally suited for offshore wind farms. These lift boats can operate in water depths of up to 200 feet, have the ability to accommodate up to 50 crew and are equipped with two cranes, each with a lifting capacity of 180 metric tons. These features make the Titan lift boats uniquely suited for offshore installation, support, maintenance and services work.
Presently, the KS Titan1 is in the process of being prepared for mobilisation from the Gulf of Mexico to the UK. This time charter contract is expected to commence in the UK during the first half of October 2008. This contract replaces the previous announcement on 26 April 2006 commenting that the KS Titan 1 was to be chartered for operation in the Gulf of Mexico.
This latest contract will have a positive contribution to the performance of KS Energy in FY2008.
For more KS Energy Services press releases go to www.yourrenewablenews.com
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