Apexindo gets $12 million loan from Standard Chartered

Drilling company PT Apexindo Pratama Duta on Tuesday signed a loan agreement worth US$12 million with Standard Chartered Bank of Indonesia, according to the company's report to The Jakarta Stock Exchange released Thursday.

Apexindo said the bridging loan facility from the bank would be used as a payment to the third party regarding the construction of Yani Rig.

The rig, which was built at Keppel Offshore & Marine?s shipyard in Singapore, has recently started its drilling operation at TotalFinaElf?s Tunu field in East Kalimantan.

?We planned to pay back soon this loan with the second stage of loan facility from Fortis Bank,? Apexindo said in a statement.

Earlier, Apexindo has secured a loan facility worth $73.25 million from Fortis Bank of Singapore. In March, Fortis transferred a $39 million as first stage of the loan.

Apexindo is a subsidiary of JSX-listed oil and gas firm PT. Medco Energi International Tbk.(robert)