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KS Energy units sign drilling deal while cancelling Cosco newbuild

The Singapore-listed parent group announced a $2.5m contract award to a jack-up rig, KS Medstar 1, in Egypt but has said its drilling unit has cancelled a newbuild contract for a second rig, KS Orient Star 2, by ‘mutual’ agreement with Cosco Shipyard

Oil and gas services company KS Energy expects to write off $26.8 m in costs relating to the construction of the KS Orient Star 2

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