KS Energy claws back $14.8m from Indonesian customs

A rig-owning joint venture company of KS Drilling, subsidiary of KS Energy, had paid import duty and fine imposed by the Indonesian customs, after the authority informed the company of irregularities with the importation of the asset, named PT Java Star.

Following an appeal made by the joint venture company PT JSR, the Indonesian customs court had recently accepted the appeal and found that the importation of the rig was in accordance with the terms of a permit and is therefore exempted from import duty.

“PT JSR is due to recover the full amount of import duty and fines paid totalling approximately SGD20.3m,” Singapore-listed KS Energy updated.

“The group expects that the recovery of the import duty and fines will have a positive impact on the net result for the full year ending 31 December 2017, based on the preliminary assessment made by the board,” the group added.