Apexindo to receive its project financing loan in stages
Friday, November 22 2002 - 03:20 AM WIB
Apexindo?s financing director, Agustinus B. Lomboan, said in Jakarta on Wednesday that for the first stage the company which is engaged in oil exploration activities will receive about US$39 million of the total loan, while the remainders would be disbursed in stages depending on the completion of the project.
The loan will be used to partly finance the construction of three oil rigs (Raisa, Maera and Yani) which will totally cost the company about $114 million to build. About $12.5 million of the total funding will come from internal source, about $15 million from insurance funds, and about $13 million from equity and about $73.25 million from Fortis Bank.
Agustinus said that the Raisa rig which was being built by Keppel Fels Ltd had been 65 percent completed. "We hope the rig could be operated in April next year," he said, adding that the Maera rig which had been 70 percent completed was expected to be operated in January next year.
He said that the Yani rig which was now 15 percent completed was expected to start operation in May, next year. According to him, the contribution of the three rigs to the company?s income is expected to reach $25 million a year during the early stages of its operation. The contribution will gradually increase in line with the full utilization of the rigs.
With the construction of the three rigs, the company will have five units of offshore rigs and 12 on-land rigs. (*)