Apexindo records sharp increase for 9-month net income

JSX listed drilling company PT. Apexindo Pramata Duta on Thursday reported net profit of Rp. 55.3 billion (US$ = 9,015) for nine months ending in September of 2002, an increase by 147 percent from last year?s corresponding period of Rp22.4 billion.

Apexindo said its operational revenues in the third quarter of 2002 had increased by 124 percent to Rp99.9 billion from Rp44.6 billion in last year?s corresponding quarter due to increased efficiency in operational costs.

The company said average daily revenue of offshore rigs decreased by 1.8 percent to $26,852 in the third quarter compared to last year?s corresponding quarter of $27,341 as a result of the absence of Rig Maera from operation.

As for the onshore rigs, the company said average daily revenue sharply increased by 47.0 percent to $8,916 compared to last year?s corresponding quarter of $6,064.

Apexindo also reported higher onshore average daily revenue which was due to a successful rates renegotiation with the existing client and a good marketing approach toward the new client.

Meanwhile Apexindo said for expansion plan it would be needed approximately $114 million to finance the construction of Raisa, Maera, and Yani swamp barge rigs.

Apexindo said the expenditure would be financed by a combination of IPO proceeds and bank loan. ?We are in the final stage of negotiation with Fortis Bank of Singapore to finance the construction of Raisa and Maera,? added the company.

During the third quarter of 2002, Apexindo had been obtained Safety Award from International Association of Drilling Contractor (IADC) for operating Raisis for 3 consecutive years operating without Loss Time Accident (LTA) and Rig 9 for 1 year operating without LTA.

Apexindo Pratama is a 77.5 percent owned by local oil giant PT Medco Energi International Tbk. (robert)