KS Energy pockets bumper profits

Singapore service provider KS Energy reported a 107.4% jump in net profit for the first quarter due to higher gross profit margins and increased contributions from its subsidiaries.

First quarter net profit hit S$11.1 million (US$8 million) compared with S$5.3 million for the corresponding period last year. KS Energy supplies, as well as operates, both onshore and offshore rigs. During the first quarter, the outfit completed its acquisition of KS Medstar-1, a 300-feet cantilever jack-up rig. The rig bagged a US$130 million charter deal in March and started operations last month in the Mediterranean Sea. At the same time, the Discoverer-3 land rig kicked off operations at the Badin field in Pakistan for British Petroleum. The group’s turnover for the January to March quarter rose 69.6% to S$63.5 million compared with the same time a year ago. Included in the group’s revenues is the first stream of contributions from Atlantic Oilfield Services that was bought in May last year. KS Energy’s two other offshoots, Aqua-Terra Supply and SSH Corporation, both reported higher net profits. Aqua-Terra offers equipment and services, while SSH provides products such as seamless pipes, flanges, valve and fittings, as well as consumables to the oil and gas industry.
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