Release: PEFINDO: Apexindo Pratama Duta Tbk

February 06, 2007 - PT Pemeringkat Efek Indonesia (PEFINDO) upgraded its ratings for PT Apexindo Pratama Duta Tbk (APEX or the Company) and the Company?s Bond I/2005 of IDR510 bn to ?idA? from ?idA-? and at the same time upgraded the Company?s syariah-ijarah Bond I/2005 of IDR240 bn to ?idA(sy)? from ?idA-(sy)?, while the outlook for those ratings remained Stable.

The upgrades reflect the Company?s continued improvement in its rigs daily rates, long-term contracts with major oil and gas companies, and strengthening financial profile. However, the ratings are mitigated by high operational risks and relatively high concentration to a single customer.

APEX is the largest national drilling contractor and is regarded as one of the major drilling players in Southeast Asia. The Company?s operation is currently supported by 5 offshore rigs and 8 onshore rigs, while the new jack-up rig will be coming soon in 2Q07.

APEX has also been able to maintain its strong business relationship with prominent oil and gas companies, such as Total E&P Indonesie (Total), VICO, Unocal, Pertamina, and etc.

As of September 30, 2006, the Company was 51.7% owned by PT Medco Energi Internasional Tbk (MEDC), the largest private Indonesian oil and gas company, 31.9% by SeaDrill Ltd., a Norwegian offshore drilling company (through Asian Opportunities Fund I Segregated P and CLSA Ltd.), and 16.5% by others, including public (each below 5%).

Rating Period: January 29, 2007 ? January 1, 2008; Contact Analyst: Hendro Utomo & Salyadi Saputra (end of release)