Previously, Apexindo's Rig 5 worked for Star Energi / Magma Nusantara in Pengalengan, West Java. The drilling project with VICO is scheduled to commence by November 2007 and the rig is currently in mobilization process to VICO's location in Badak, East Kalimantan.
Hertriono Kartowisastro, Apexindo's President Director states, "We are proud to have successfully demonstrated outstanding track records that we have trust from VICO Indonesia to keep supporting their drilling programs for more than two decades. For Apexindo, gaining more trust from VICO – from initially three rigs; Rig 9, Rig 10 and Rig 14; employed by VICO to four rigs today - is an encouragement to improve quality and services. On the other hand, the contract that we achieved is also to support exploration and production activities in Indonesia as well as to assist the government's effort to increase oil and gas production in the future, especially in East Kalimantan".
Agustinus B. Lomboan, the Company's Finance Director adds, "We are delighted that our land rigs successfully obtain contracts soon after completing projects with previous clients. The success to acquire contracts without a long idle period is a testament to the 75% utilization rate that the Company managed to achieve during the third quarter of 2007, which was the highest ever since 2002. Further, the high demand level for land rigs has directly improved dayrates. Apexindo has obtained an upward dayrate adjustment of approximately 10% for this contract achievement with VICO. This situation certainly will improve revenue contribution from the onshore segment. Coupled with consistent efficiency as well as strong growth from the onshore segment, our profitability level is expected to improve significantly this year. This condition will eventually enable the Company to provide Shareholders with greater returns".
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