Apexindo?s shareholders okay right issue plan

Shareholders of JSX-listed rig operator PT.Apexindo Pratama Duta had agreed on September 6 right issue plan to raise Rp.460 billion (US$=Rp.10, 000) to pay for the company?s debts and to finance new rig construction, the company said in a release.

Funds raised from the right issue would be used to pay debts to Medco Finance Overseas, which would due by the end of 2008. Apexindo is a subsidiary of Medco Eenergi Internasional Tbk.

Bermuda-based SeaDrill Limited would act as standby buyer to purchase between 32% and 37% of the enlarged share capital of Apexindo.

Apexindo operates 16 drilling rigs consisting of 11 onshore rigs and 5 offshore rigs. The company will receive its second jack-up drilling from Singapore?s shipyard. Director of Finance Agustinus Lomboan said in the release that the company might consider building the third jack-up rig in the near future. (alex)