Apexindo secures new contract worth US$4.3 million

PT Apexindo Pratama Duta Tbk has secured a new contract worth about US$4.3 million to carry out exploration works at JOB Pertamina-Medco Madura Pty Ltd?s onshore oil field, the company?s public relations manager Anita Zultriana said on Monday.

Anita said that the contract, which would last for 12 months, was the fourth contract signed by the company with Pertamina?s production sharing contractors this year. The new contract is expected to further improve Apexindo?s revenue from oil and exploration activities.

Also this year, the company has secured a two-year contract to carry out exploration works at Vico?s gas and oil fields, another two-year contract with Unocal and 6-month contract with Gulf.

According to the company, the utilization of its exploration facilities has showed significant improvement this year with the increase in the new contract. The utilization rate for example rose to 63 percent during the first semester of this year as compared to 36 percent in the same period, last year. (*)