Utilization rate of Apexindo?s offshore rigs reach 100%

The utilization rate of PT Apexindo Pratama Duta?s offshore oil rigs has reached 100 percent while that of the onshore oil rigs only reached 35 percent as some of them are still waiting for new drilling contracts, Investor Daily reported on Thursday.

?We hope the utilization of the offshore oil rig will remain 100 percent until next year,? said the corporate secretary of the company, Ade R. Satari told the daily on Wednesday.

PT Apexindo Pratama Duta, a subsidiary of PT Medco Energi Internasional, which provides oil and gas exploration services both on onshore and offshore oil blocks at present operates 16 rigs consisting of 11 onshore rigs and five offshore rigs.

Four of the five offshore rigs are hired by PT Total E&P Indonesia to explore its offshore oil fields in East Kalimantan while the other one is hired by Stats Oil to explore oil at its offshore field in Iran.

Ade said that the offshore oil rigs contributed about 70 percent of the company?s revenues which reached a total of Rp 234.9 billion during the first quarter of this year.

According to Ade, five of the onshore rigs remained idle. ?Three of them are still waiting for new contracts,? Ade added. (*)