Singapore-listed KS Energy has acquired a jack-up rig at a price of $38.5m.
The jack-up drilling rig, named KS Java Star and acquired through KS Drilling, is capable of drilling in up to 300 feet water depth.
KS Energy added that the acquisition is not expected to have any material effect on the earnings per share and net tangible assets per share of the company for the financial year ending 31 December 2012.