Apexindo receives full payment of $90m insurance claim on Rig Raissa

By Febry Silaban

IDX-listed PT Apexindo Pratama Duta Tbk has received the full payment of insurance claims worth US$90 million from PT Asuransi Sinar Mas for damage to one of its assets, namely Raissa rig.

"The payment process of the claim has been completed. We thank Sinar Mas for its cooperation,? General Manager of Corporate Finance & Investor Relations at Apexindo, Paolo Kartadjoemena told Petromindo.com.

This insurance claim was filed following a blow-out incident in 2013 caused by shallow gas release, in the Mahakam block, East Kalimantan operated by French firm Total EP Indonesie. Most of the physical structure of the Raissa rig was destroyed as a result and the rig has since been unable to operate. The rig is still located in Handil, East Kalimantan on a stand-by status.

Editing by Johannes Simbolon