JAKARTA, Investor Daily - Apexindo Pratama Duta Ltd. (Apexindo), the subsidiary company of Medco Energy, is now negotiated with some financial institutions who will provide the US$120 million’s loan. The fund will be used to build the Soehana’rig which is about to do the exploration of oil and gas field in Kalimantan.
“We can not reveal the details yet, but the participants are two foreign banks and two investment banks – the leader is the bank from France,” said the Finance Director of Apexindo, Agustinus Lomboan in Jakarta, Thursday (20/4).
According to Agustinus, the loan is in long term period with 10 years tenor and the interest of 2,15% above LIBOR’s rate.
His further explanation is that to build the rig – soon be named ‘Soehana’ which can reach 375 feet depth of oil well – his company should make payment to the producer of the rig the amount of approximately US$ 150 million. “We have paid the down-payment to the producer the amount of around US$ 30 million from the issuance of obligations, while the rest – US$ 120 million - will be installed from the loan,” he said.
Agustinus said that his jack up rig – which is now in finishing process by PPL Shipyard Sembawang Group Singapore – can be delivered to Apexindo in January 2007. Furthermore, his company can proceed the still in the process’s of bidding – the contract of oil and gas exploration.
Agustinus also said, his company will surely get the bid of the rig’s operation value of US$ 190-200 million from an oil and gas company which located in Kalimantan. “We are the single bidder in the tender, even though we are positively sure to get the contract, we are still waiting for the approval from the government via BP Migas” he said.
The contract of exploration is for Sisi and Nubi’s blocks in Makassar strait which are not far from Bontang Block in East Kalimantan. The contract is valid for 3 years with the price of rig’s rent of US$ 165,000 daily.
Agustinus explain, his company has reached good progress this year, since they can get the raise of US$ 5 million’ income in first quarter than last year’s income – US$26 million to US$ 31 million. “This year we are very optimistic that we can reach the income of more than US$ 123 million than last year income of only US$ 116 million,” he said. This year’s income will be raised by the contract of rig no. 8 value of US$ 3 million and rig no. 5 value of US$ 22 million.
The company has planned to have the kind of new Jack –up- rig in 2008. “Starting now, we begin to proceed that because the process of making rig will take approximately 2 years,” he said.
Ready to start operation in Cepu
The corporate’s secretary of Apexindo, Ade R. Satary said, his company is ready to participate in the exploration’s bid of Cepu block. “As long as our rig is fulfilled the specification of the bid, we will surely be participated,” he said. As we have known, Cepu needs around 3 on shore rigs in the first year of exploration. Ade said recently his company still has 1 idle rig, which is rig no. 12 with the capacity of 600 horse power (hp).
Ade further said that the price to rent rigs is increasing lately especially for offshore rigs. According to him, this raise is natural since the raise of oil price is pushing the oil and gas companies to do the explarations badly. “For example, the price to rent our Rani-Woro’s rig is only US$ 51,000 daily in 2004 but today is US$ 70,000 daily, probably will become US$145,000 daily in the end of the year,” he said .” While for onshore rig, the raise is only between 10 – 20%”.
He also said that the raise of rig’s rental price probably will be sustained until 2009, when the new rigs start their operations. According to him, even though in other countries the rental price is reaching US$ 185,000, his company will still give lower price. (miles)
