Apexindo gets $39 million loan from Fortis Bank

Drilling company PT Apexindo Pratama Duta confirmed that it had signed a US$39 million loan agreement with Fortis Bank of Singapore, according to a report released by the Jakarta Stock Exchange on Tuesday.

?The loan will be used to finance the making of our new submersible swamp barge rigs which will be operated at the Tunu gas field in East Kalimantan owned by TotalFinaElf E&P Indonesie,? Apexindo?s president director Hertriono Kartowisasto in a report to the bourse, dated March 7.

He said the signing of the loan agreement was held last Thursday.

?As far as Fortis Bank is concerned, this is the first and largest project financing awarded to an Indonesian company after the economic crisis,? Geert Lippens, Fortis?s head global export and project finance for Asia, said in the report.

As previously reported by Petromindo.Com, the loan, which was the first stage of a total of $77 million loan commitment from the bank, would be partly used to finance the making of two drilling barges and repairing one barge at the Keppel shipyard in Singapore. The making and repairing the three drilling barges will cost the company about $114 million.

Apexindo is a 77.53 percent subsidiary of publicly listed oil and gas producer PT Medco Energi International Tbk. (robert)