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KS Energy Services up 36%


Published Feb 25, 2009
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ks energy services lift boat
courtesy KS Energy Services

Singapore-based liftboat and rig owner KS Energy Services Ltd. has posted a fourth-quarter net profit of $9 million, up 36 percent over the same span a year ago on more offshore work.

The result was honed from 30 percent more business, as revenues rose to $165.3 million. Chief among the extra earnings was the company drilling services business, which saw revenues rise 290 percent to $72.4 million.

The sale of an asset and more drilling rigs in operation were cited for the revenue rise. The company said two land rigs and a seismic vessel were also being marketed for sale.

KS, meanwhile, has a jack-up under construction and its other oilfield units are set to begin earning in 2009.

Also affecting future earnings will be the decisions made by insurers assessing the loss of the company liftboat KS Titan-1 which was lost at see enroute to a first job.

Liftboats are key to erecting wind turbines, and KS has assigned the KS Titan-2 to a first wind power project in the North Sea.

Tags: KS Energy Services Limited



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