ITOCHU Announces Investment in KS Drilling, a Singaporean Oil Drilling Company
April 15, 2011
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced that it has agreed with KS Energy Services Limited (listed on the Singapore Exchange), a Singapore-based energy service company, to acquire a 20% equity stake in KS Drilling Pte Ltd, a wholly owned subsidiary of KS Energy Services.
Acquiring an operator company in 2007, KS Drilling owns two offshore rigs and four onshore rigs and provides oil drilling services primarily for oil majors in the Middle East, Africa, and the North Sea. KS Drilling is seeking to expand operations in Southeast Asia, especially in Indonesia, obtaining new offshore and onshore rigs.
With emerging countries growing, investment in development and production projects is accelerating in the energy field, and business opportunities in the field are expected to expand. Against the backdrop, ITOCHU is seeking to expand its operations in the energy infrastructure field through the investment in KS Drilling.
KS Energy Services
|Company name||KS Energy Services Limited|
|Representative||Executive Chairman & Chief Executive Officer Kris Taenar Wiluan|
|Capital||319 million Singapore dollars (fiscal year ended December 2010)|
|Net sales||509 million Singapore dollars (fiscal year ended December 2010)|