Federal buys Indonesian land rig
Tuesday, September 17 2013 - 12:49 AM WIB
By Alexander Ginting
SGX-listed firm Federal International (2000) Ltd announced on Monday that its wholly-owned subsidiary, PT Federal International, had signed a conditional sale and purchase agreement with PT Geo Link Nusantara to acquire a 1,000 HP Brewster N-85 land drilling rig for a purchase consideration of US$10,369,031.
The Rig is currently leased by Geolink to a third party for drilling assignments in Indonesia, under a lease agreement that will expire in January 2014, the company said.
Editing by Reiner Simanjuntak