Medco?s Apexindo bags US$64 M drilling contracts

JSX listed oil and gas company PT Medco Energi International Tbk. said on Friday that its drilling subsidiary PT Apexindo Pratama Duta had secured contracts for two its rigs with an estimated value of US$64 million.

Medco?s CFO/Corporate Secretary Sugiharto in its report to Securities and Exchange Comission said Apexindo?s Medco Rig No.9 would conduct onshore drilling works for East Kalimantan gas producer VICO Indonesia for two years starting April this year. Sugiharto said the total contract value including rig bundle services was estimated to reach US$31.3 million.

Meanwhile, Sugiharto said Middle East oil company TOTAL Abu Albukhoos had agreed to extend contract for Apexindo?s jack up rig for another year until February 2003 with the contract value of US$ 48,000 per day, higher than the current contract value of $ 41,000 per day. Sugiharto expected Rani Woro would contribute to $32.5 million to the company.

Apexindo is currently the country?s largest rig provider with the fleet of 12 onshore rigs and 3 offshore rigs. (alex/robert)