Apexindo to spend $35m to boost rigs? quality

By Sonar Sihombing

Rig services provider PT Apexindo Pratama Duta has earmarked up to US$35 million in capital expenditure this year, mostly to improve the quality of its rig assets.

?The fund will come entirely from our internal cash reserve. This is mostly to improve our assets to fulfill our clients? demand,? Vice President Director Zainal Abidinsyah Siregar told petromindo.com on Monday.

Last year, the company spent $40 million for capital expenditure.

?We also plan to bring in one more new jack up rig. But we only expect its arrival by mid next year,? he said.

In 2012, the company secured about US$212 million in revenue and expects the figure to increase this year, although Zainal refused to mention figure.

Zainal was speaking after Apexindo signed new contract with Total E&P Indonesie for the lease of five rigs valued at $590 million.

Editing by Dadan Wijaksana