Apexindo records sharp increase in H1 net income

JSX listed drilling company PT. Apexindo Pramata Duta reported net revenues of Rp.318 billion (US$ = 8,900) in the first half of this year, an increase of 11.4 percent compared to last year?s corresponding period net revenues of Rp.286 billion. Net income increased 249.7 percent to Rp44 billion in the first half of 2002 from Rp13 billion last year, which was resulted from higher revenue and managable operation cost.

The company said although Rig Maera is absence from its operation for the rest of this year, the overall revenue was increased due to improvement of onshore rigs utilization and improvement of onshore and offshore rig's daily revenue.

Apexindo said utilization rate of offshore rigs decreased to 78 percent in the fisrt half this year as a result of the absence of Rig Maera from operation. The average daily revenue of offshore rigs in the fisrt half of 2002 US$28,126 due to increased of Raniworo's daily rate from $26,000 per day to $41,000 per day. On the other hand, average daily cost decreased 6 percent to $10,642.

Meanwhile, said the company, utilization of onshore rigs in the first half of 2002 increased to 63 percent as a result of a successful marketing strategy and increasing demand, which also reflected on the increased of average daily revenue of onshore rigs of 36 percent to $7,966. The average daily cost was $4,768.

During the fisrt half of 2002, Apexindo had been awarded two new long-term contract and one contract extension from French giant TotalFinaElf E&P Indonesie worth $181.7 million for offshore rigs and three onshore contracts with Vico Indonesia, Unocal Indonesia (Geothermal) and Gulf Indonesia Resources with the contract value of $45.8 million.

Apexindo Pratama is a 77.5 percent subsidiary of local oil giant PT Medco Energi International. (alex/robert)