Apexindo reports net profit increase in Q3

Publicly listed drilling contractor PT Apexindo Pratama Duta Tbk said Wednesday that its net profit in third quarter of 2006 was Rp 289.2 billion or up by more than two folds compared to Rp156.5 billion net loss in restated in the same quarter last year.

The company?s revenue in the third quarter of this year increase by 28.9 percent to Rp 1.0 trillion from Rp 798.9 billion last year.

The company?s revenue in this quarter mainly comes from onshore drilling rig segment, which increases by 86.7 percent to Rp 353.5 billion compared to Rp 189.3 billion the year before.

Revenue contribution also comes from offshore drilling rig segment, which rises by 11 percent to Rp 676.6 billion in this quarter from Rp 609.6 billion last year, thanks to 100 percent utilization rate of its rig.

Apexindo currently owns and operates eight onshore drilling rigs, and four submersible swamp barge rigs named ?Raisis?, ?Maera?, ?Raissa? and ?Yani?, and one jack up rig named ?Rani Woro?.

Apexindo will expect to operate the new jack up rig named ?Soehanah? in the first quarter of next year. It has already secured a 3-year contract worth $170 million for the development of Total?s Sisi and Nubi gas fields in Mahakam PSC, East Kalimantan.

Apexindo is a subsidiary of oil and gas firm PT Medco Energi Internasional Tbk. (denny)