Apexindo gets $170m drilling contract from Total

JSX-listed driller PT. Apexindo Pratama Duta announced Thursday that it had received US$170 million order from Total E&P Indonesie for the utilization of its jack-up rig that is currently being built in Singapore.

?We have received Fax of Order and is in the process of finalizing the deal, ? president Hertriono Kartowisastro said.

The company said the rig, which will be christened Soehanah, would be contracted for 3 years for the development of Total?s Sisi and Nubi gas fields in Mahakam PSC, East Kalimantan starting first quarter of next year.

The Baker Marine Pacific Class 375 rig, which is named after Apexindo and Medco founder founder Arifin Panigoro?s late mother, would be completed in January 2007. the rig has the capacity to drill to more than 25,000 feet. Apexindo is a subsidiary of another JSX-listed oil firm PT. Medco Energi Internasional Tbk.

Earlier, the company also had bagged a $170 million contract from Santos Limited for its Raniworo jack-up rig to conduct drilling activities in Sampang PSC, offshore East Java.

The company said that both rigs would contribute $113 million to the company?s 2007 revenue.

Apexindo currently owns and operates nine onshore drilling rigs, and four swamp barges contracted by the Indonesian unit of Total SA. It also operates one jack-up rig in the Middle East for Norway's Statoil ASA.(*)