Apexindo expects higher income this year
Tuesday, July 22 2003 - 06:13 AM WIB
Drilling company PT Apexindo Pratama Duta expects a 20 per cent on-year jump in income this year from Rp556 billion (US$68 million) in 2002, Asia Pulse reported Tuesday.
Company Finance Director Agustinus B. Lomboan said yesterday the operation of its two new oil rigs will significantly contribute to increasing the company's income.
The subsidiary of the Medco Group launched on Sunday a new rig called Yani in Balikpapan to be used by Totalfinaelf R&P Indonesie in its gas field in East Kalimantan. Another rig, called Raissa, was launched in May.
Agustinus said next year the increase in income will be higher as the two rigs will be operational in full year.
The company will earn US$82,000 in rents per day from the two rigs with daily operating cost of US$25,000 , he said.
The two rigs were built in Singapore at a cost of US$94 million. (*)