Apexindo received an appointment letter from VICO Indonesia (VICO) to undertake an onshore drilling project in Nilam, East Kalimantan, Indonesia. Apexindo obtained a drilling project confirmation for Rig 5 valued at approximately US $27 million for a firm period of one year with optional period of another year, thus the contract will end at the end of 2010.
Hertriono Kartowisastro, Apexindo's President Director states, "We are proud to have successfully demonstrated outstanding track records that we have the trust from VICO Indonesia to keep supporting their drilling programs for more than two decades. Currently, four of our onshore rigs are employed by VICO, and this is encouraging for us to improve our quality and services. We hope that this excellent cooperation can continuously be maintained".
Suarmin Tioniwar, the Company's Finance Director adds, "We are delighted that our land rigs have successfully obtained contract soon after completing its previous projects. The success to accomplish contract without long idle period practically affects onshore utilization rate, which the Company have managed to achieve 65% of utilization rate up until 3Q08. Apexindo also obtains upward dayrate adjustment for this contract achievement. This situation certainly will improve revenue contribution from onshore segment, which will eventually enable the Company to provide Shareholders with greater returns".
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