Apexindo plans to purchase drilling equipments worth $120m
Monday, June 28 2004 - 02:17 AM WIB
Jakarta listed oil drilling contractor PT Apexindo Pratama Duta plans to purchase offshore drilling equipments worth around US$120 million from Singapore vendors, Bisnis Indonesia daily reported on Monday.
The paper quoted company president Hertriono Kartowisastro as saying that financing for the purchase would partly come from internal funds, and the remainder to come from a "foreign partner."
He declined to disclose the name of the foreign partner because they are still in negotiation process.
He added that the size of the purchase was not yet final as negotiation had not been completed yet.
According to the paper, Apexindo currently has five offshore rigs, and 11 onshore rigs.(*)