Apexindo Q3 net profit down

Publicly listed drilling contractor PT Apexindo Pratama Duta Tbk said Wednesday that its net profit in third quarter of 2007 was US$23.0 million or down by 11.5 percent from $26.0 million in the same quarter last year.

Lower net profit was mainly driven by higher interest expense incurred at $10.1 million from $ 4.1 million due to the inclusion of Soehanah financing of approximately $125 million, Apexindo said in its quarterly report.

Offshore segment remained the largest revenue contributor. The division contributed $90.1 million in revenue in the third quarter of this year up from the last-year period's $73.5 million on the back of higher rates gained from Maera extension starting in August this year as well as the inclusion of revenue from the use of newly-built Soehanah jack up by French oil giant Total in East Kalimantan.

Onshore segment contributed $49.9 million in revenue, up 30.3% from the last-year period's $38.3 million as onshore utilization rate surged with upward dayrate adjustments as well as longer contract durations.

While, offshore utilization rate actually dropped to 83 percent in the third quarter of 2007 from 100 percent last year due to the drydocking of Raniworo jack up from February to May this year and late delivery of Seohanah jack up from the shipyard, which started its project with Total at the end of May 2007. (denny)