Rigzone.com --- PT Apexindo 7/18/2006 --- PT Apexindo Pratama Duta Tbk has successfully obtained an onshore drilling contract from EMP Kangean Ltd. for a project at Kangean Block, East Java. The contract is valued at US $2.9 million for a seven month period which will commence on July 2006.
Rig 8 has been idle for a period of time since the company has not been able to obtain a suitable contract for this particular rig. "We are glad that Rig 8 has finally found a suitable project from EMP to support their drilling project at Kangean Block. As we mentioned in our previous release, Apexindo also succeeded to achieve contracts for Rig 2 and Rig 15. These continuous success will give a positive impact on our onshore utilization rate", explains Hertriono Kartowisastro, Apexindo's President Director.
Apexindo's success in obtaining contract for Rig 8 demonstrates that even though the competition on land drilling market is very tight, Apexindo is still competing in this particular segment. Currently, Rig 8 is still in the mobilization process to the designated drilling location and is expected to operate immediately.
Up to today, the Company's largest revenue contribution comes from the offshore rig segment. The Company's success to get the new contract proves that land drilling market is still promising. Agustinus B. Lomboan, Apexindo's Finance Director explains, "We will always be actively participating in land and offshore drilling tenders, to ensure Apexindo's position as the leading drilling contractor, not only in the offshore drilling segment but also in the land drilling segment, in Indonesia and South East Asia Region."
