Apexindo Officially Launches Soehanah to Strengthen its Fleet

PT Apexindo Pratama Duta Tbk conducted naming ceremony for its newest jackup on March 10, 2007 in Singapore. The naming ceremony held in PPL Shipyard was attended by the Minister of Energy and Mineral Resources Republic of Indonesia, Mr. Purnomo Yusgiantoro; the founder of Apexindo, Mr. Arifin Panigoro; the commissioners of PT Medco Energi International Tbk as Apexindo's parent company; and the company's clients.

The new jackup Soehanah is one of a number of super premium jackups worldwide built based on PPL Shipyard's proprietary design, the Baker Marine Pacific 375 Class. This Deep Drilling Offshore Jackup rig is equipped to drill high pressure and high temperature wells of 30,000 feet and operating in 375 feet water depth. It has accommodation for 120 men. "The inclusion of Soehanah will significantly strengthen The Company's fleet. The state of the art jackup has a larger deck load and offers a high level of convenience. Hence, the rig is expected to work efficiently and with good quality and safety level in which it is Apexindo's commitment to always focus on clients' needs", explains Hertriono Kartowisastro, The company's President Director. The addition of Soehanah is an implementation of The company's strategy to focus on the offshore rig segment and to capitalize on the robust offshore oil and gas drilling market with high utilization and day rates for offshore rigs having risen substantially on the back of strong demand, driven by the high oil price and strong E&P activities. The Soehanah has secured a long-term contract with Total E&P Indonesie for gas drilling project in Sisi and Nubi, East Kalimantan. This is testimony of Apexindo's commitment to support the Indonesian Government in increasing domestic energy production and reserves.

Soehanah is expected to contribute positively to Apexindo's performance in the years to come. Agustinus B. Lomboan, Finance Director of Apexindo said "With the addition of another jackup that has secured a contract with Total E&P Indonesie, The company's financial performance and positions are expected to improve significantly. Through excellent growth, it is expected that profitability level will also rise providing a push for Apexindo to provide greater value for the shareholders".

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