Rigzone.com, Aban Loyd Chiles 5/18/2006 --- Aban Loyd Chiles Offshore Ltd has commenced negotiations to acquire 1,352,873,106 (one billion three hundred and fifty two million eight hundred and seventy three thousand one hundred and six) issued and paid up shares (the "Shares") in PT Apexindo Pratama Duta Tbk. (the "Target Company") from PT Medco Energi Internasional Tbk. ("Medco"). The Shares constitute approximately 51.97% of the issued and paid up shares of the Target Company.
ALCO is a company incorporated in India and having its registered office at Janpriya Crest, 113, Pantheon Road, Egmore, Chennai 600 008, India. ALCO is engaged in the business of owning offshore drilling rigs and providing offshore drilling services. ALCO's equity shares are listed on the stock exchanges in India.
The purpose of the proposed acquisition is for strategic investment.
Negotiation will be done pursuant to advice from our financial advisor. Matters to be discussed during the negotiation will cover the terms and conditions of the acquisition, including the price, the rights and obligations of the parties, and the procedures for completion of the acquisition.
