Apexindo’s revenues from offshore oil rigs up 88%

PT Apexindo Pratama Duta, a subsidiary of PT Medco Energy Internasional, reported a significant increase in its revenue from exploration activities at the company’s offshore oil rigs.

The company’s financial director Agustinus B. Lomboan said in Jakarta on Tuesday that the contribution of the offshore oil explorations carried out through four submersible swamp barge rigs was expected to reach 70 percent this year from about 60 percent in 2002.

Agustinus told Kompas daily that the increase was possible because all of the four offshore rigs had been fully operated. At present Apexindo, which offers oil and gas exploration services both for onshore and offshore fields, operates four offshore oil rigs including Raisis, Maera, Raisa and Yani.

The four rigs have won new contracts worth about US$112.1 million for a period of between one and two years, while the company’s onshore rigs has received new contracts worth US$14.4 million for a period of between three and five years.

Agustinus said that the company booked total revenues of Rp 598.1 billion in the third quarter of this year, an increase of 36 percent from Rp 439.2 billion in the same period of last year.

The revenues from the offshore exploration activities rose by 88 percent but those from onshore activities showed a decline of about 11 percent, he said. (*)