KS Energy posts wider Q2 net loss of S$59.8m on write-off of assets

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KS Energy posts wider Q2 net loss of S$59.8m on write-off of assets.

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OIL and gas services company KS Energy on Wednesday posted a bigger net loss for the second quarter, hit by a S$55 million write-off of assets under construction.

This came as KS Energy's drilling unit cancelled two newbuild contracts earlier this year, one of which was a newbuild contract for a second rig, KS Orient Star 2, with Cosco Shipyard. Construction was expected to cost S$26.8 million. In June, the drilling unit had also terminated its newbuild contract for the KS Java Star 3 rig with port machinery and heavy marine equipment manufacturer Shanghai Zhenhua Heavy Industries.

As a result, the company saw a net loss of S$59.8 million for the quarter ended June 30, against a net loss of S$11.9 million previously.

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