Apexindo wins US$130 M offshore drilling contract

Drilling subsidiary of publicly listed oil company PT Medco Energi International, PT Apexindo Pratama Duta, has won an offshore oil drilling contract worth US$130 million in the country, Asia Pulse reported on Tuesday.

Medco investor relations manager Thendri Supriatno said the contract, won earlier this month, is expected to contribute substantially to the income of the Medco Group's core business in oil exploration and production.

Supriatno said that to carry out the 8 year contract, Apexindo will build a drilling rig with a loan from a foreign bank consortium. The rig will cost an estimated US$50 million.

Currently, Apexindo operates 11 drilling rigs including three offshore rigs. (*)