Apexindo?s Q1 revenue, earnings down

Jakarta Stock Exchange-listed oil drilling company PT Apexindo Pratama Duta announced a decline in first-quarter revenue to Rp139 billion (US$ = Rp8, 500) from Rp166 billion in the same quarter last year, according to the company?s quarterly report released Thursday. The company?s first quarter net earnings also fell sharply to Rp8.9 billion from Rp22 billion last year.

Apexindo said the drop in revenue was due to lower rig utilization during the quarter. Offshore rig utilization was down to 72.2 percent in this quarter from 89 percent last year following a six-month refurbishment of rig ?Maera? at Singapore-based Keppel Offshore & Marine Ltd?s shipyard. On February 7, rig ?Maera? has resumed its drilling operations.

In the same period, four of Apexindo?s onshore rigs were idle, causing the company?s onshore rig utilization dropped to 56 percent in this quarter from 65 percent last year.

However, the company expressed optimism that second quarter?s revenue will increase substantially since one drilling rig had resumed operation at TotalFinaElf?s Tunu field in East Kalimantan, while another rig would commence operations this quarter.

Apexindo also said it would execute some drilling contracts with its affiliate company PT Exspan Nusantara to provide onshore drilling services at the latter?s oil fields in Central Sulawesi and South Sumatra.

Apexindo is a subsidiary of JSX-listed oil and gas company Medco eenergi International. (robert)