Hertriono Kartowisastro, the Company's President Director explains "We are optimistic that the target of the onshore utilization rate in 2006 will be achieved. We are expecting that Apexindo's success to obtain new contracts or contract extensions for its onshore rigs will maximize the performance of our onshore fleet".
Apexindo has received an Appointment Letter for Rig 15 from PT Medco E&P Indonesia to conduct a drilling project at Tarakan, East Kalimantan. The value of the contract is USD 1.9 million for a 6 month period. The project will commence in July 2006 and is expected to be completed in December 2006. Previously, Rig 15 worked in Mamberungan, East Kalimantan to support PT Medco E&P Indonesia.
Meanwhile, Apexindo has also received a contract extension for 1 (one) well from JOB Pertamina – Medco Tomori at Tiaka, Sulawesi with amount of USD 1.9 million. Currently, Apexindo Rig 2 is in the process to work on the project and scheduled to complete around October 2006. Rig 2 has been drilling at several location in Sulawesi since April 2004 to work on several "well to well" contract and up to now it has managed to accomplish 7 (seven) wells. Agustinus B. Lomboan, Apexindo's Finance Director added "The Company is always strives to maximize the utilization of its fleets in order to support the Company's Revenue. With higher target on our onshore utilization rate compare to the previous year, will automatically increase Company's profitability in 2006".
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