Apexindo bags US$7 million new drilling contract

JSX listed drilling firm PT Apexindo Pratama Duta Tbk said on Tuesday that it got new drilling contracts from three different clients worth of US$7 million.

 

The company has signed a three-month, US$2.1 million contract with EMP Kangean Limited for a land drilling project at Kangean Block, East Java. The firm will use Rig 8 for the project.

 

The firm has also acquired a land drilling project in East Kalimantan from JOB Pertamina – Medco Simenggaris Pty. Ltd. valued at approximately $2.8 million for a period of 4 months in East Kalimantan and a contract from VICO Indonesia in Mutiara field, East Kalimantan valued at $2.1 million for a period of 6 months. The firm will use Rig 2 for JOB Pertamina-Medco Simenggaris project and Rig 14 for the VICO project, the company said.

 

Currently, Apexindo’s entire land rigs are utilized and expected to work optimally, Apexindo’s President Director Hertriono Kartowisastro said.

 

PT Apexindo Pratama Duta Tbk is a drilling unit of JSX-listed oil and gas firm PT Medco Energi Internasional. (denny)